SHS2 Economics · Semester 2 Week 5: Macroeconomic Variables (GDP, Inflation, Unemployment, Exchange Rate)

Lesson notes

Learning Objectives

Indicator: 2.4.1.LI.2 - Suggest control policies to mitigate the effect of the changes of the fundamental macroeconomic variables.

By the end of the lesson, learners can:

Define each fundamental macroeconomic variable (GDP, inflation, unemployment, and exchange rate) in their own words and state why controlling its changes matters for the Ghanaian economy.
Suggest at least two appropriate control policies for each macroeconomic variable (GDP, inflation, unemployment, and exchange rate) and explain how each policy works to mitigate negative effects.
Classify control policies as either fiscal, monetary, or trade-related, and justify their classification using the policy tool involved.
Evaluate the likely effectiveness and possible side effects of a given control policy in a Ghanaian scenario.
Work collaboratively in mixed ability and gender groups to research, using the ICT lab and the Internet, how Ghana and other countries control the negative effects of changes in macroeconomic variables, and present findings using Microsoft PowerPoint.

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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.2 - Suggest control policies to mitigate the effect of the changes of the fundamental macroeconomic variables.
Suggested placement: Semester 2, Week 5 (Week 25 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)

Problem-Based Learning: Form a mixed ability and gender groups, visit the ICT lab, and with the help of the Internet and search engine, research on how Ghana and the rest of the world control the negative effects of the changes in the various macroeconomics variables and present your report in Microsoft PowerPoint.
- Respect for individuals of varying beliefs, religion, backgrounds and cultures in learners' ability and gender groups
Assessment (2.4.1.AS.2). 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