Unit 3: Macroeconomics


About Unit 3

National Association of Economic Educators Curriculum Platinum Award recipient.
About Unit 3

New to our curriculum? Start here.  

Check for upcoming or on-demand curriculum workshops.


image-20240607161723-1
Unit 3 big ideas

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). To unlock all lessons you must log in as an Econiful member.

 

 


image-20240611125614-1

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.

"I've taught the Circular Flow about 100 different ways. By manipulating the pieces of the game, students were able to physically see the changes. It worked very well!" - Alecia A., IN


3.2 lesson image

3.2 Introduction to Macro Indicators & Assessment Preview 

Students explore four key macroeconomic indicators and familiarize themselves with the unit assessment structure. Watch a video tutorial.


image-20240607164401-3

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.

"This was a great lesson about GDP. The concepts and ideas in this lesson are explicitly and fully explained. Students were able to make connections to GDP and the Circular Flow of Economic Activity." - Matt W., IL


image-20240607164735-4

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.


3.5 lesson image

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.


3.6 lesson image

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.

"I love this lesson! Kept the students engaged because they were consistently being asked to think." - Sara H., AL


3.7 image

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.

"Loved the addition of the economists and their studies at the end of the slides - especially how those studies could help answer some of the 'Questions raised while viewing data' on the Suggested Responses sheet. Love the retrieval practice at the beginning of each lesson." -  Kyle G., AL


3.8 assessment image

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

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


3.9 lesson image

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.


3.10 lesson image

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.


3.11 image

3.11 Interest Rates and the Role of Banks 

Students learn about commercial banks' role as financial intermediaries, define an interest rate as the price of money, and apply this knowledge to macroeconomic fluctuations.

"It was fantastic! I've tried this lesson a million ways and I always overcomplicate it. Students completed the practice page on their own and did really well! Thanks to all of you for making a great lesson!" - Alecia A., IN


3.12 lesson image

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.

"I really liked the Fed as a doctor analogy, and my students responded really well to the political cartoon and the video explaining the Federal Funds rate." - Kristen B., TX


3.13 assessment image

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

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


3.14 image

3.14 An Introduction to Fiscal Policy 

Through a board game, students learn the basics of fiscal policy. A debrief exercise and retrieval quiz follow to solidify student understanding of monetary and fiscal policy.


3.15 lesson image

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


3.16 lesson image

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.


3.17 lesson image

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).


3.18 lesson image

3.18 Beyond the Big 3: Part 2 

Drawing on their research from Lesson 3.17, students script a conversation focused on an economic indicator outside of the “Big 3” (GDP growth, unemployment, and inflation).


3.19 assessment image

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

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


3.20 assessment image

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

On this final summative 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.


 

Contact Kathleen Cusack with questions at Kathleen@econiful.org.
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.