SHS2 Economics · Semester 2 Week 4: Macroeconomic Variables (GDP, Inflation, Unemployment, Exchange Rate)

Lesson notes

Learning Objectives

Indicator: 2.4.1.LI.1 - Identify the effects of changes in fundamental macroeconomic variables on the economy.

By the end of the lesson, learners can:

Define inflation, unemployment, exchange rate and GDP in their own words and give a Ghanaian example of each.
Explain how a rise in inflation affects GDP, employment and household purchasing power in Ghana.
Describe how a depreciation of the Cedi against major currencies affects imports, exports, inflation and GDP.
Analyse the relationship between unemployment and GDP, using Okun’s law style reasoning (without calculating the coefficient).
Work in mixed ability and gender groups to research one macroeconomic variable on the Internet and present findings in a Microsoft PowerPoint slideshow.

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Curriculum details

Strand: Government Economic Policy and Trade (Strand 4)
Sub-strand: Macroeconomic Variables (GDP, Inflation, Unemployment, Exchange Rate) (4.1)
Content standard: 2.4.1.CS.1 - Demonstrate knowledge of the fundamental macroeconomic variables. 2.4.1.LO.1 Determine the effects of changes in the fundamental macroeconomics variables on the economy and their control policies. 2.4.1.LO.2 Use the existing and relevant approaches (expenditure, product and income approach) to analyse the National Income.
Indicator: 2.4.1.LI.1 - Identify the effects of changes in fundamental macroeconomic variables on the economy.
Suggested placement: Semester 2, Week 4 (Week 24 of the year)
Our suggestion, laid out in curriculum order across three terms of twelve weeks. NaCCA does not fix the week, so follow your school's scheme of learning.
Curriculum reference: NaCCA curriculum document, p. 80

Exemplars (from the NaCCA curriculum)

Initiating Talk for Learning: In a mixed ability and gender groups, brainstorm how a change in inflation, exchange rate and unemployment rate will affect GDP and present your report in Microsoft PowerPoint.
- Tolerance for diversity and respect for all
- Knowledge of themselves and others' peculiarities, strength and weaknesses
Assessment (2.4.1.AS.1). The document marks these depth-of-knowledge levels for this indicator: Level 4 Extended critical thinking and reasoning.
Teaching and Learning Resources:
- ICT Lab
- Internet
- Microsoft PowerPoint
- Projector
- Markers
- White board
- Computers