SHS2 Economics · Semester 2 Week 8: Macroeconomic Variables (GDP, Inflation, Unemployment, Exchange Rate)

Lesson notes

Learning Objectives

Indicator: 2.4.1.LI.2 - Explain the uses and importance of National Income (E.g., standard of living).

By the end of the lesson, learners can:

Explain at least five distinct uses of National Income statistics in economic planning and policy formulation.
Describe how National Income figures serve as a measure of standard of living, including the limitations of this measure.
Analyse how National Income data helps governments compare economic performance across different years and with other countries.
Justify the importance of National Income data to various stakeholders, including government, businesses and households.
Evaluate a given scenario (at Level 3 strategic reasoning) to determine what National Income data can and cannot tell us about a country’s wellbeing.

Sign in with your phone number to read the full note and download the GES plan - free.

Sign in with phone number

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.2 - Demonstrate understanding of the measurements, uses and importance of National Income. 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 - Explain the uses and importance of National Income (E.g., standard of living).
Suggested placement: Semester 2, Week 8 (Week 28 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. 81

Exemplars (from the NaCCA curriculum)

Building on What Others Say: Brainstorm and discuss how countries determine national income by using product and income approaches. Give more time to learners approaching proficiency.
- Respect for individuals of varying beliefs, religion, backgrounds and cultures during discussion
Assessment (2.4.1.AS.2). The document marks these depth-of-knowledge levels for this indicator: Level 3 Strategic reasoning.
Teaching and Learning Resources:
- Pens
- Exercise books
- Markers
- White boards