Lesson 3: Nominal vs. Real GDP
Duration of Days: 3
Lesson Objective
Students will distinguish between nominal and real GDP and adjust values using price indices.
Why does inflation distort nominal values?
How do economists compare output across time?
C3: D2.Eco.12.9-12 (Evaluate the strengths and weaknesses of economic measures)
CCSS: RH.11-12.7
DOK 3 – Strategic Thinking
Students apply price indices to convert nominal GDP into real GDP, reinforcing mathematical reasoning and data interpretation.
Formula reference sheets
Worked examples before independent practice
Peer-checking calculations
Short calculation quiz