GDP Basics: Measuring the Economy of Zandria

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Social Studies · Economics
SP-ECON-005 · Free to print and use in your classroom · substituteplans.com
Page 2
GDP Basics: Measuring the Economy of Zandria
Social Studies · Economics · Grades 10-12 · 50 minutes
Time needed
50 minutes (one class period)
Prep
Copy the 2-page worksheet (one per student). Write the GDP formula on the board.
Technology
None.
Student
independence
High. Students calculate and sort individually.
Copies to make
One 2-page worksheet per student
Materials
Pencils, Worksheet, Calculator (optional), Whiteboard or chalkboard
Goal for today: Students will calculate GDP with C + I + G + (X − M), compute growth and GDP per person, and
decide which transactions count in GDP.
Before the bell
☐ Copy the worksheet, one per student (2 pages).
☐ Write on the board: GDP = C + I + G + (X − M). C = household spending. I = business investment
(equipment, buildings). G = government spending on goods and services. X = exports. M = imports. X − M =
net exports.
☐ Also write: GDP counts NEW final goods and services made INSIDE a country during one year. Growth rate =
(new − old) ÷ old × 100.
☐ Keep the answer key on your desk.
Say this to start
Good morning! Today is an economics lesson on GDP, which stands for gross domestic product. It is the total value of
new goods and services made in a country in one year. You will add up four kinds of spending for a made-up economy
called Zandria, calculate growth, and decide what counts and what does not.
Run of show
Minutes
What you do
What students do
0–5
Take attendance. Hand out the worksheet face down.
Wait for directions.
5–13
Read the board formula aloud. Example: C = 500, I = 100,
G = 150, X = 50, M = 60 gives 500 + 100 + 150 + (50 −
60) = 740.
Listen and copy the formula.
13–25
Tell students to complete the ‘Does it count?’ table.
Write YES or NO for each transaction.
25–40
Tell students to complete questions 1–8.
Calculate GDP and answer.
40–47
Tell students to answer questions 9–11.
True-false and short answers.
47–50
Collect worksheets.
Hand in work.

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Social Studies · Economics
SP-ECON-005 · Free to print and use in your classroom · substituteplans.com
Page 3
If things go wrong
• If a student gets a negative net exports number, tell them that is allowed: it means imports exceeded
exports.
• If students argue about a ‘does it count’ item, tell them to follow the board rule: new, final, made inside the
country this year.
• If students ask about real countries, tell them Zandria is made up.
• If students finish early, check the table and use the early finisher list.
Early finishers
• Name two things that make life better but are not counted in GDP.
• If Zandria’s G rose by 30, what would GDP be? Show your math.
Support and challenge
• Support: Allow calculators and have students complete the table and questions 1–4 only.
• Challenge: Ask students to show how GDP would change if imports rose by 40 and nothing else changed.
Notes for the teacher (you fill this in)
Jot a few lines before you leave. A full Daily Sub Report is in the free Sub Survival Kit at SubstitutePlans.com.
How far the class got / what to pick up next:
Students who were especially helpful:
Anything the teacher should know: