Beyond the Big 3: Part 1
Unit 3 · Lesson 3.17 · Last updated June 2026
A 45-minute research lesson where students investigate one of three economic indicators beyond the "Big 3" — the Beige Book, Consumer Confidence/Sentiment, or the Genuine Progress Indicator — to deepen their understanding of how to evaluate economic health.
Overview
Students deepen their understanding of how to evaluate the economy's health by investigating a novel economic indicator. Research from today feeds directly into Lesson 3.18 (scripting a conversation about their indicator) and supports more sophisticated responses in Part 3 of the unit assessment. Note: Lessons 3.17 and 3.18 are not essential to success on Parts 3 and 4 of the unit assessment — consider using one or both class periods as makeup time for students who missed Part 1 or Part 2 of the assessment.
Learning Objectives
- Explain the usefulness and limitations of key macroeconomic indicators.
- Explain the interdependence of key macroeconomic indicators.
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Materials
- Instruction Slides (display during class period)
- Student Handout (1 copy per student)
- Research Material (share with students as "view only") + computer or tablet (1 per student)
Optional
- Headphones (1 pair per student — Research Material includes an audio file for the Beige Book indicator and a video for Consumer Confidence)
Indicator difficulty: The Beige Book is the most straightforward indicator; the Genuine Progress Indicator (GPI) is the most complex. Consider guiding students toward an appropriate selection.
Lesson Sequence
Slides 2–3
- Display Slide 2 and instruct students to discuss the question with a peer. After approximately 90 seconds, call on 2–3 students to share their responses. (Additional educator tips and suggested answers are in the notes section throughout Instruction Slides.) Note: Students using this period to make up Part 1 or Part 2 of the unit assessment should skip the activator and get started on their assessment task.
- Advance to Slide 3 and introduce the learning objectives. Explain that today students will complicate their understanding of the macroeconomy by exploring additional sources of information about economic health.
Slides 4–7
- Advance through Slide 4 and display Slide 5. Explain that thus far the unit has focused on economic health in a fairly tidy way by centering the "Big 3" — GDP growth, unemployment, and inflation. Economists evaluating economic health, however, track and analyze a wide variety of indicators beyond those three.
- Click to bring up the question at the bottom of Slide 5. Give students 1 minute to discuss other possible sources of information useful to someone evaluating economic health. Call on a few students to share ideas.
- Display Slide 6 and distribute 1 copy of Student Handout to each student. Explain that students will learn how information beyond the "Big 3" might help someone assess the health of the economy, and that their task is to gather information about 1 of the 3 indicators on the slide. Give students a moment to choose. Direct students to indicate their selection under "My Indicator" on Student Handout.
- Quickly poll students on their selection. For Lesson 3.18 to proceed smoothly, you need a minimum of 3 students working on any indicator selected. If necessary, encourage one or more students to consider changing their selection. (It is okay if one indicator was not selected by any students.)
- Proceed to Slide 7. Direct students to review the research prompts on Student Handout. Explain that Research Material is a Google Slides file with links to readings and audiovisual resources related to each indicator. Once students understand their task, provide access to a laptop or tablet and Research Material. Allow approximately 25 minutes to gather information. Circulate to answer questions.
- After approximately 25 minutes, instruct students to make their final additions to Student Handout and put their device away.
Slides 8–9
- Advance through Slides 8–9. Explain that in Lesson 3.18, students will use today's research to script a conversation at a social event in which they tell someone else about their indicator. Direct students to prepare by underlining the most interesting details they gathered.
Aligned Standards
Voluntary National Content Standards in Economics
What Educators Are Saying
The information in the slides and handouts are great. Students used the information to expand ideas for their projects.
My classroom is so much different than previous terms. Students are more engaged and I am having conversations with students on how they can apply concepts to their everyday lives.