A Practical Guide to the U.S. Economy: Part 2
Unit 3 · Lesson 3.13 · Last updated June 2026
A 45-minute workday where students complete Part 2 of the unit summative assessment, covering the inflation rate and federal funds rate, using real FRED® data to describe, analyze, and advise a young adult.
Overview
Students work on Part 2 (Inflation Rate & Federal Funds Rate) of A Practical Guide to the U.S. Economy, introduced and distributed in Lesson 3.2. This lesson assumes students have completed the assessment introduction and Part 1 (Lesson 3.2 and Lesson 3.8) and have learned about GDP growth, unemployment, inflation, and monetary policy. Students should have access to their class materials while working. Note: Because Lessons 3.17 and 3.18 are not essential to success on the unit assessment, those are ideal makeup days for students absent today.
Learning Objectives
- Identify the inflation rate and federal funds rate.
- Explain the usefulness and limitations of the inflation rate and federal funds rate.
- Explain the interdependence of the key macroeconomic indicators.
Create a free account, or log in.
Get full access to materials, the complete lesson sequence, aligned standards, and every lesson across all units.
Already a member? Sign in here.
Materials
- Instruction Slides (display during class period)
- A Practical Guide to the U.S. Economy (previously distributed in Lesson 3.2)
- Printable Student Assessment Template pp. 4–7 (1 copy per student)
OR - Electronic Student Assessment Template (provide each student with their own editable copy of the Instructions, Inflation Rate, and Federal Funds Rate pages) + laptop or device (1 per student)
- Part 2: Macroeconomic Indicators Rubric p. 8 (cut in half — 1 half sheet per student)
Optional
- Exemplar and Scoring Guide (for educator reference while scoring — note: the exemplar addresses Part 1 indicators, but the response style and scoring rationale apply to Part 2)
Lesson Sequence
Slides 2–4
- Display Slide 2 and instruct students to follow the instructions on the slide. (Additional educator tips and suggested answers are in the notes section throughout Instruction Slides.)
- Proceed to Slide 3 and allow students 2 minutes to complete the instructions. While students work, provide access to Student Assessment Template (electronic or printable). Pro Tip: Consider providing access only to Part 2 (Inflation Rate & Federal Funds Rate) to prevent students from working ahead.
- Proceed to Slide 4 and introduce the learning objectives for the lesson.
Slides 5–9
- Progress through Slides 5–6. Distribute 1 copy of Part 2: Macroeconomic Indicators Rubric to each student. Remind students the rubric is used to assess Part 2 and they should reference it as they work. Instruct students to review the rubric. (Additional explanation of the "Advanced" level is in the notes section of Instruction Slides.)
- Advance through Slides 7–8. Review the instructions with students.
- Advance to Slide 9. Reinforce that students must locate the most recent data point for each indicator. Links to FRED® graphs are included in the electronic version of the assessment. If using the printable version, provide access to links via your LMS or distribute printed copies of the data.
- Allow students the remainder of class to work on Part 2. Circulate to supervise and clarify instructions as needed.
- Collect Part 2 of Student Assessment Template and Part 2: Macroeconomic Indicators Rubric. Score student submissions using the rubric and provide feedback for improvement. Scoring note: This assessment is designed to give students flexibility — be open to unexpected connections and suggestions. The Exemplar and Scoring Guide illustrates appropriate responses and elaborative feedback using Part 1 indicators; the same approach applies to Part 2.
Slides 11–14 — integrate into a future lesson
After scoring Part 2, allocate approximately 10 minutes at the start or end of a future lesson to return work and orient students to the revision process.
- Display Slide 12. Instruct students to read the information as you return scored Part 2: Macroeconomic Indicators Rubric and Part 2 submissions. Remind students they may elect to revise any portion of Parts 1 and 2 and resubmit at the end of the unit for a possible score improvement. (Additional educator tips are in the notes section.)
- Proceed to Slide 13. Allow students 5 minutes to follow the instructions on the slide. Remind students that revisions are expected to be completed outside of class. Encourage students to reference Unit 3 Overview and consider which learning objectives from Lessons 3.1–3.13 to review before revising.
- Advance to Slide 14. Tell students to review the final reflection prompt (boxed in green). Remind students that if they wish to reflect on this prompt in Part 4, they will need to share scored Parts 1 and 2 with an adult and discuss the questions prior to completing Part 4.
Aligned Standards
Voluntary National Content Standards in Economics
What Educators Are Saying
Students were able to apply previous learning successfully and with ease. They were able to identify the significance of each indicator and offer applicable advice during different economic settings.
Thank you! The simplicity and straightforwardness is great.
I've been teaching Economics for 8 years — in the US for 6 years, here in Mexico for 2 — and these lessons are one of the best resources I've seen and used.