- Define gross domestic product, real GDP, consumer price index, interest rate, and unemployment rate.
- Explain how GDP, the consumer price index, industrial production, Treasury interest rates, changes in non-farm payrolls, and the unemployment rate are calculated.
- Describe how economic indicators can help with assessment of economic performance.
- Analyze trends in six economic indicators to assess current economic performance.
- Determine relationships between economic indicators.
Gross Domestic Product. The Consumer Price Index. Industrial Production. Interest Rates. Changes in Non-farm Payrolls. The Unemployment Rate. Nearly every day, news reports inform the public about the state of the economy and changes in economic performance. Yet studies show that many Americans don’t understand what these indicators are, how they are calculated, or how they can be used to assess economic performance.
For the complete lesson, go to How is Our Economy Doing? on EconEdLink.