Ugh! The Phillips Curve.
Student can really struggle with this one, but we've got you covered. If you're looking for an engaging and dynamic lesson that hits multiple intelligences and gives your students an opportunity to completely analyze the Phillips Curve from top to bottom, then look no further! This is the activity you've been waiting for!
This activity includes:
1) This "Short-Run and Long-Run Phillips Curve" Activity includes 4 parts. It begins with a graphic organizer that describes to your students how a change in aggregate demand changes the inflation rate and the unemployment rate in an economy, and then allows students to graph those changes on a short-run Phillips Curve. Next, students will learn how a short-run change in aggregate supply changes the inflation rate and the unemployment rate in an economy, and will then graph those changes on a short-run Phillips Curve. Students will then learn how a long-run change in aggregate supply changes the inflation rate and the natural rate of unemployment in an economy, and will then graph those changes on a graph of the short-run and long-run Phillips Curves. Finally, students will use their knowledge to analyze 8 aggregate economies and changes in aggregate supply and demand that will impact price level and real GDP output. Students will investigate each scenario and graph the change to the aggregate economy on an AD/AS model. Then, using a graph of the short-run and long-run Phillips Curves provided, students will use what they've learned to draw the appropriate change that visualizes the change in the inflation rate and the unemployment rate that has occurred. In the end, students will have 8 side-by-side graphs of the aggregate economy and the Phillips Curve that correctly show changes to price level and the unemployment rate both in the short-run and the long-run.
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:
Phillips Curve Bundle
If you like this activity, check out our Unit Activity Bundle that includes activities for all of the objectives in this unit.
Fiscal Policy Unit Activity Bundle
Best of all, this activity aligns to our "Unit 3.6 - The Phillips Curve" video lecture, which can be found here:
Unit 3.6 - The Phillips Curve
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