EconEdLink maintains a large library of online economic and personal finance resources for K-12 teachers & their students.
This lesson uses the latest employment and unemployment data release by the U.S. Department of Labor, Bureau of Labor Statistics, for the month of February, 2015, reported March 6, 2015. The lesson focuses on different ways of measuring the demand for labor and how the demand for labor affects the average hourly wage rate, one of the measures used by the Federal Reserve to gauge the health of the labor market.
In this lesson, students explore the advance estimate of real GDP data for the fourth quarter of 2014. These data, released by the Bureau of Economic Analysis, are presented first as estimates, then as revisions as more data for the time period is collected. This lesson uses data from the initial estimate of the 4Q 2014 activity. Students will understand the recent trends in real GDP, the role of currency valuation in affecting GDP, and some of the other consequences of a strong dollar in terms of influencing economic variables.
Using data from the Bureau of Labor Statistics for the Consumer Price Index (CPI), students explore the latest release for January 2015, analyze the extent to which consumer misperception about the inflation rate can exist, and explore the consequences of this misperception.
Students explore budget constraints by solving a contextual problem involving the purchase of goods on a fixed income. Adjustments to the quantities of two goods are used to explore the meaning of points on a graph and relationships between quantities and disposable income. Students scale and label axes as they create graphs of relationships between two goods they want to purchase with a fixed income. Students create a representation of a budget constraint and predict the effects of changes in income and the prices of goods on the representation of the budget constraint.
Students describe and identify where certain items they own come from and the approximate price of these items. They learn that to purchase an imported item they have to pay the people from whom the item was imported in their country’s currency. Moreover, if they want to travel to another country, they have to pay for the goods and services they buy in that country’s currency. Students calculate exchange rates and derive an equation to convert prices for goods in one country’s currency compared with another.