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GCSE ECONOMICS: UNIT 12. Managing the economy. Government Objectives Carousel. GCSE ECONOMICS: UNIT 12. Managing the economy. 1.1 Economic Growth. What is Economic Growth?. Put simply, “Economic growth is an increase in the value of goods and services produced by an economy over time” - PowerPoint PPT Presentation
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SECTION 1MANAGING THE
ECONOMY
Managing the economy
GCSE ECONOMICS: UNIT 12
Government Objectives Carousel
SECTION 1MANAGING THE
ECONOMY
Managing the economy
GCSE ECONOMICS: UNIT 12
1.1 Economic Growth
SECTION 1MANAGING THE
ECONOMYWhat is Economic Growth?
• Put simply, “Economic growth is an increase in the value of goods and services produced by an economy over time”
• Why does economic growth matter….what are the benefits of economic growth?
• Complete your ideas on the sheet provided, using the internet to independently research ideas
SECTION 1MANAGING THE
ECONOMYWhy economic growth matters
• Economic growth means that production is increasing within an economy
• This is important because our standards of living depend on our access to goods and services
• Without growth people can only enjoy improvements in their standards of living at the expense of others in society
• With economic growth we can all potentially be better off!
SECTION 1MANAGING THE
ECONOMY
The benefits of economic growth
Increased profit
A rise in average living standards
The creation of new jobs
Lower unemployment
Improved business confidence
Increased tax revenues for the government
Technological innovation
Increased capital investment
SECTION 1MANAGING THE
ECONOMYAims of today’s lesson …
• Identify the key benefits of economic growth
• Investigate how we measure economic growth
• Analyse the different components of Gross Domestic Product
SECTION 1MANAGING THE
ECONOMY
How do we measure Economic Growth?
SECTION 1MANAGING THE
ECONOMYWhat is included in GDP?
GDP = C + I +G (X-M)
C = ConsumptionI = InvestmentG = Government spendingX-M = Net Exports
SECTION 1MANAGING THE
ECONOMYConsumption (C)
SECTION 1MANAGING THE
ECONOMY
Consumption spending is closely related to disposable
incomes
SECTION 1MANAGING THE
ECONOMYInvestment (I)
SECTION 1MANAGING THE
ECONOMY
Government Spending (G)
SECTION 1MANAGING THE
ECONOMYExports (X)
This covers spending on UK products/services by
foreign nationals
SECTION 1MANAGING THE
ECONOMYImports (M)
This covers spending on foreign products/services
by UK citizens
SECTION 1MANAGING THE
ECONOMY
GDP: Lets look at the figures...
The Components of GDP
SECTION 1MANAGING THE
ECONOMYPlenary: Interactive Questions
• You will be asked 5 key questions from Today’s lesson
• Read each question carefully
• Choose the correct answer and then click on ‘Submit’
• Be prepared to discuss your answers
SECTION 1MANAGING THE
ECONOMYExtension Task…
• What effect has the eurozone crisis had on UK Economics Growth?
• Open the ‘Extension Task’ from the student shared area
SECTION 1MANAGING THE
ECONOMYAims of today’s lesson …
• Identify the key benefits of economic growth
• Investigate how we measure economic growth
• Analyse the different components of Gross Domestic Product
SECTION 1MANAGING THE
ECONOMYAmazing end game…
GDPEconomic
Growth
Gross Domestic
ProductConsumption
Higher living
standards
Increased employment
Investment Government
Spending
Imports
Exports
SECTION 1MANAGING THE
ECONOMY
Taking ownership of your learning….
• In small groups you will prepare a short 20 minute lesson on one of the following topics;
• The costs and benefits of UK economic growth• Unemployment within the UK (youth, adult, long term)• The causes and consequences of inflation• Exchange rates and their impact on UK Balance of Payments
• I want you to teach your chosen topic to the rest of the class in the MOST CREATIVE way you can think of.’
• The focus should be on the UK
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