How does your family celebrate Thanksgiving? Are you joined by friends and/or family for a special feast? What do you eat? Most American families celebrate Thanksgiving by cooking turkey. According to EatTurkey.com, approx. 88 percent of U.S. households eat turkey on Thanksgiving at an average weight of 16 lbs a turkey that adds up to 736 million pounds that will be eaten this Thanksgiving.
Students will use the FRED database to download the Consumer Price Index (CPI) and calculate the equivalent price of a product from an earlier time to the relative price today. Students will discuss the limits of using a weighted index and changes in the quality of products when calculating the relative prices of goods from two time periods.
Governments and other financial organizations are constantly measuring trends in the economy to try to predict what will happen next. The ability to successfully economic trends has a profound effect on whether or not a business will make a profit or lose money. The economy also affects people's personal lives by helping them make good decisions: Is this a good time to buy a car? Refinance your home? Take a new job? One of the measurements used to evaluate and predict the economy is the CPI, or Consumer Price Index.
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Economics in Action combines 14 favorite CEE simulations, role-playing activities, group activities and classroom demonstrations in one volume.
1 out of 14 lessons from this publication relate to this EconEdLink lesson.