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.
Students will describe the purpose of a price index, and how it is calculated. Then students will describe the weaknesses of the CPI, and interpret CPI data as a measure of economic health. Finally, students will identify who is harmed and who is helped by inflation.
The following lessons come from the Council for Economic Education's library of publications. Clicking the publication title or image will take you to the Council for Economic Education Store for more detailed information.
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.