Unit 3: Macroeconomics


About Unit 3

About Unit 3

New to our curriculum? Start here.


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Lessons build on one another and are designed to be used sequentially. If you plan to use one of the lessons in isolation, review the Overview documents (Unit 1, Unit 2, Unit 3). 


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3.1 An Introduction to the Macroeconomy: Circular Flow

Simulating the flow of factors of production, goods and services, and money, students learn about the interdependence of households and firms in a macroeconomy.


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3.2 Introduction to Macro Indicators & Assessment Preview

Students explore four key macroeconomic indicators and familiarize themselves with the unit assessment structure.

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3.3 Introduction to Gross Domestic Product (GDP)

Through scenarios and discussions, students learn what constitutes GDP, how it is measured using the expenditure approach, and its value and limitations.


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3.4 Evaluating GDP as a Measure of Well-Being: Part 1

Using real-world data, students analyze the relationship between GDP, standard of living, and quality of life, and explore the limitations of GDP.


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3.5 Evaluating GDP as a Measure of Well-Being: Part 2

Students categorize and evaluate critiques of GDP as a measure of well-being and apply their knowledge to real-world decision-making scenarios.


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3.6 Thinking About the Labor Force Like an Economist

Students engage in a card-sort activity to understand labor force criteria and unemployment, applying their knowledge to realistic scenarios.


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3.7 A Closer Look at Unemployment Data

Analyzing various types of labor underutilization, students examine unemployment data to understand its causes, consequences, and limitations.


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3.8 A Practical Guide to the U.S. Economy: Part 1

Students work on Part 1 (GDP Growth Rate & Unemployment Rate) of the assessment.

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3.9 Introduction to Inflation

Using an automotive analogy, students learn about inflation, disinflation, and deflation, and respond to realistic social media posts to apply their knowledge.


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3.10 A Closer Look at Inflation

Students explore the causes and short-run impacts of inflation, linking economic expansion and contraction to macroeconomic indicators.


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3.11 Interest Rates and the Role of Banks

Students learn about commercial banks' role as financial intermediaries, understand interest rates, and apply this knowledge to macroeconomic fluctuations.


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3.12 Monetary Policy and the Federal Funds Rate

Students analyze past macroeconomic data to predict changes in the federal funds rate and the resulting economic chain reactions.


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3.13 A Practical Guide to the U.S. Economy: Part 2

Students work on Part 2 (Inflation Rate & Federal Funds Rate) of the assessment.

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3.14 An Introduction to Fiscal Policy

Through a board game, students learn the basics of fiscal policy, followed by a debrief and retrieval quiz to solidify their understanding of monetary and fiscal policy.


Considering Complications

3.15 Complications of Fiscal and Monetary Policy: Part 1

Students investigate the complexities of monetary and fiscal policy and then assess the extent to which the government should promote economic health


Multiple Perspectives

3.16 Complications of Fiscal and Monetary Policy: Part 2

Students explore various perspectives on fiscal and monetary policy, analyze sources, and synthesize their findings.


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3.17 Beyond the Big 3: Part 1

Through researching a novel economic indicator, students deepen their understanding of how to evaluate the economy’s health, moving beyond the "Big 3" indicators (GDP growth, unemployment, and inflation).


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3.18 Currently in Progress

Check back August 2024.


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3.19 A Practical Guide to the U.S. Economy: Part 3

Students work on Part 3 (Economic Dashboard) of the assessment.

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3.20 A Practical Guide to the U.S. Economy: Part 4

On this final assessment day students complete any remaining portions of Part 3 and/or make final revisions to Parts 1 and 2 of A Practical Guide to the U.S. Economy. Students then complete Part 4 (Reflection) of their assessment.

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Contact Kathleen Cusack with questions at Kathleen@econiful.org.
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