This lesson focuses on the Consumer Price Index (CPI) and rate of inflation reported March 15, 2013, by the U.S. Bureau of Labor Statistics (BLS) for the month of February, 2013. Students will read the BLS report, analyze the meaning of the CPI data, determine the change in consumer prices, and explore the impact of the change in the price level on themselves, their families, consumers, and producers.
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.
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.
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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.