1. AP ECONOMICS: February 15
--go over Worksheet 14.3 (HO—Helped or Hurt by Inflation?)
A.P. Economics Learning Target: In order to understand how to measure and evaluate economic performance, I will analyze the main price indices—the Consumer Price Index (CPI) and the Gross Domestic Product (GDP) deflator. I will know I have it when I can: (1) construct and use indices to convert past dollar values into present dollar values; (2) construct and use indices to convert nominal values into real values; (3) analyze the difference between the two indices as measures of inflation; and (4) explain problems associated with each measure.
See CPI and GDP Deflator Lecture Guide (HO)
--market basket concept; calculating percentage change
--converting nominal to real GDP
Assignment: --Worksheet 15.3 and Worksheet 11.3 (on back of 15.3)
--read Module 17
--study for quiz over basics of inflation, CPI, & GDP deflator Monday (open notes)