4.1 INTRODUCTION TO MACROECONOMICS
How: Analyse case studies so that you are able to identify the types of data macroeconomists might use and the ways that macroeconomics is useful to society.
INTRODUCTION: Welcome back and welcome to our 4th unit: government and the economy! In the this lesson you will complete some first thinking in macroeconomics. Up until now you have studied the economy at the level of the individual firm, consumer and market. But economists often want to study and model the entire economy or the sum total of all markets, and there are good reasons for this. Can you think what they are? In this lesson you will be introduced to new data economic indicators and advise an economy (or 3) on how to improve their 'macroeconomic conditions'.
ACTIVITY 1: In this activity you will act as a government economic policy advisor to several countries each with their own unique set of economic conditions. You should identify what are the potential strengths and weaknesses of each country and write these below the country. You can call these either strengths and weaknesses or economic conditions. There will be some terms that you will not understand and you may need to complete some research on these and this is absolutely encouraged. You will then add and additional section on policy prescriptions/instruments/medicine and suggest some things the government could do to improve economic conditions in the country - try to think of at least three! You should do this for 3 countries. Remember the purpose of this activity is to demonstrate the sorts of economic problems that countries can experience and consider what types of thing governments can do to help. Just as a doctor has to analyse an underlying illness to select the most appropriate treatment plan so must the economist!
Mr Bish's class padlet
Mr D'Lima's class padlet
ACTIVITY 3: Now take the baseline test for macroeconomics in Kognity. Do not worry about your score, you will retake the same test in 8 weeks time and you will be able to demonstrate the progress you have made!