Are you looking for an engaging and dynamic lesson that hits multiple intelligences and gives your students an opportunity to evaluate the indices that measure inflation and deflation? Do you need an in-depth activity that provides an opportunity for your students to put principles into practice by calculating the CPI, the GDP Deflator, and using inflation rates to turn nominal data into real data? This is the activity you've been looking for!
This activity includes:
1) This "Price Indices: CPI and GDP Deflator" Activity includes 4 parts. It begins with a an exercise that provides market basket data for several countries and asks students to calculate nominal GDP, inflation rates, and assign Consumer Price Index numbers over several years. Next, students will have a chance to put principles into practice by using GDP data for several nations and calculating nominal GDP, real GDP, the GDP Deflator, and the inflation over several years. Next, students will have an opportunity to prove their comprehension by calculating nominal and real GDP for several countries using the GDP Deflator equation. Finally, students will use their knowledge to analyze data provided and calculate the percentage change in nominal wages and profits and compare those changes to the inflation rate to determine whether real wages and profits increased or decreased.
This activity can be used in many different ways in the classroom. Students can work independently, in pairs or this activity can be used as a jigsaw in order to facilitate a class wide discussion about the topics discussed in the activity.
2) A detailed answer key to the lesson activity to save you time and help guide student comprehension.
This activity can also be found in a bundle paired with a PowerPoint, Keynote and PDF version of a fully customizable lecture found here:
Price Indices: CPI and GDP Deflator Bundle
If you like this activity, check out our Unit Activity Bundle that includes activities for all of the objectives in this unit.
Measuring Economic Performance Unit Activity Bundle
Best of all, this activity aligns to our "Unit 1.6 - Price Indices and Measuring Inflation" video lecture, which can be found here:
Unit 1.6 - Price Indices and Measuring Inflation
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