ECONOMICS
(SECONDARY)
ESSENTIAL UNIT 4 (E04)
(Macroeconomics Basics)
(July 2015)
Unit Statement: The student will learn the basics of macroeconomic thinking and its core
concepts. He/she will examine recessions, expansions, inflation, deflation, and
unemployment. The student will also learn about nominal GDP and real GDP.
Macroeconomics addresses large-scale or general economic factors.
Essential Outcomes: (must be assessed for mastery)
1. The Student Will explain the difference between macroeconomics and
microeconomics.
2. TSW distinguish between recessions and expansions and identify them on the
business cycle model.
3. TSW distinguish between inflation and deflation.
4. TSW explain the importance of long-run economic growth.
5. TSW Distinguish between nominal GDP and real GDP using the concept of inflation.
6. TSW evaluate the strengths and weaknesses of using GDP per capita a measure of a
country’s living standard.
7. TSW explain what unemployment is and how it is calculated.
8. TSW explain the significance of the unemployment rate for the economy.
9. TSW compare the concepts of natural rate of unemployment, structural
unemployment and frictional unemployment.
10. TSW analyze the economic costs of inflation and deflation.
11. TSW explain how policy makers attempt to maintain a stable rate of inflation.
12. TSW define and apply Key Terms and Concepts.
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QSI ECONOMICS SEC E04
Copyright © 1988-2015
Key Terms and Concepts:
Self-regulating economy
Business cycle
Price stability
Keynesian economics
Business-cycle peak
Open economy
Monetary policy
Business-cycle trough
Trade deficit
Fiscal policy
Long-run economic growth
Trade surplus
Recession
Inflation
Expansion
Deflation
Unemployment
Natural rate of unemployment
Suggested Materials:
“Essentials of Economics” Macroeconomics: The Big Picture, GDP and the CPI:
Tracking the Macro economy, Unemployment and Inflation Chapters 10, 11, 12;
Suggested Strategies:
1. Simulation classroom activity.
2. Teacher generated examinations.
3. “Economics In Action” section from textbook.
Technology Tools:
WebPath Express (found in school library)
Economic education link database: http://www.econedlink.org/web-links/approvedeconomic-web-links.php
Foundation for the Teaching of Economics: http://www.fte.org
Khan Academy Microeconomics: http://www.khanacademy.org/economics-financedomain/microeconomics
Khan Academy Macroeconomics: http://www.khanacademy.org/economics-financedomain/macroeconomics
ACDC Econ: https://www.youtube.com/channel/UCCQEbqDL8i40d83Au55lYMQ
MJMFoodie Econ: https://www.youtube.com/user/mjmfoodie
Jason Welker Econ: https://www.youtube.com/user/welkerjason
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QSI ECONOMICS SEC E04
Copyright © 1988-2015
QSI ECONOMICS
ESSENTIAL UNIT 4 (E04) RUBRIC
(Macroeconomics Basics)
Must achieve all ‘B’ Level in all TSW’s for a ‘B’.
Must achieve 3 of 4 in the ‘A’ column for an ‘A’.
The Student Will…….
‘A’ Level Mastery
‘B’ Level Mastery
Can explain the difference between
macro and microeconomics.
1.explain the difference
between macroeconomics
and microeconomics.
Can diagram the business cycle and
explain its features.
2.distinguish between
recessions and expansions
and identify them on the
business cycle model.
3.distinguish between inflation Can explain why inflation and deflation
and deflation.
can be very challenging for policy
makers.
Can identify specific benefits of long
term growth.
4.explain the importance of
long-run economic growth.
Can explain how inflation is related
to the concept of real GDP.
5.Distinguish between
nominal GDP and real GDP
using the concept of
inflation.
6.evaluate the strengths and
weaknesses of using GDP
per capita a measure of a
country’s living standard.
Can describe a more complete picture
of development in a country.
is and how it is calculated.
the unemployment rate for
the economy.
Can create realistic scenarios in which
economic growth is possible despite
high unemployment.
natural rate of
unemployment, structural
unemployment and frictional
unemployment.
Can explain the effects of inflation
and deflation on the economy.
10. analyze the economic
costs of inflation and
deflation.
makers attempt to maintain a
stable rate of inflation.
Can prescribe realistic policies to
combat inflation and deflation.
Can identify specific actions taken by
policy makers to help control and
maintain inflation.
Can define and apply the key terms.
12. define and apply Key
Terms and Concepts.
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QSI ECONOMICS SEC E04
Copyright © 1988-2015
Can explain how unemployment is
related to the economic performance
of a country.
Can accurately describe all three
concepts and distinguish using
examples of all each.
9.compare the concepts of
11. explain how policy
Can identify how real GDP is a
limited tool in assessing and
comparing different countries.
Can explain the concept of
unemployment and make basic
unemployment calculations based on
its definition.
7.explain what unemployment
8.explain the significance of
Can explain the causes of inflation
and deflation.
NOTES