Standards Database Logo
Home | Browse | Search | Purpose | History | Process | Acknowledgment| Reference

 


 


Topic: Gross domestic product 

Economics

 Standard 9.  Understands how Gross Domestic Product and inflation and deflation provide indications of the state of the economy
  Level III (Grade 6-8)
   Benchmark 4.Knows that Gross Domestic Product (GDP) is the total market value, expressed in dollars, of all final goods and services produced in the economy in a given year and is used as an indicator of the state of the economy
    Knowledge/skill statements
     1.Knows that the Gross Domestic Product is referred to as the GDP
     2.Knows how the Gross Domestic Product is measured
     3.Knows that the Gross Domestic Product is expressed in dollars
     4.Knows that the Gross Domestic Product is used as an indicator of the state of the economy
     5.Knows that the Gross Domestic Product may change each year
  Level IV (Grade 9-12)
   Benchmark 2.Knows the difference between "nominal" GDP (i.e., GDP stated in current dollars where an increase in GDP may reflect not only increases in the production of goods and services, but also increases in general prices) and "real" GDP (i.e., GDP which has been adjusted for price level changes)
    Knowledge/skill statements
     1.Knows the difference between "nominal" GDP and "real" GDP
     2.Knows the meaning of "nominal GDP"
     3.Knows the meaning of "real GDP"
     4.Knows that the nominal GDP is stated in current dollars
     5.Understands the meaning of "current dollar"
   Benchmark 3.Knows the factors upon which a country’s GDP depends (e.g., quantity and quality of natural resources, size and skills of labor force, size and quality of capital stock)
    Knowledge/skill statements
     1.Knows the factors upon which a country’s GDP depends
     2.Knows that one factor a country’s GDP depends on is the quality of its natural resources
     3.Knows that one factor a country’s GDP depends on is the quality of its natural resources
     4.Knows that one factor a country’s GDP depends on is the size of its labor force
     5.Knows that one factor a country’s GDP depends on is the skills of its labor force
     6.Knows that one factor a country’s GDP depends on is the size of its capital stock
     7.Knows that one factor a country’s GDP depends on is the quality of its capital stock
   Benchmark 4.Understands the economic growth is a sustained rise in GDP, which results from investments in human and physical capital, research and development, technological change, and improved institutional arrangements and incentives
    Knowledge/skill statements
     1.Understands how economic growth is related to the GDP
     2.Understands how investments in human capital affect economic growth and GDP
     3.Understands how investments in physical capital affect economic growth and GDP
     4.Understands how investments in research and development affect economic growth and GDP
     5.Understands how investments in technological change affect economic growth and GDP
     6.Understands how improved institutional arrangements affect economic growth and GDP
     7.Understands how improved institutional incentives affect economic growth and GDP
     8.Knows the meaning of economic growth
 Standard 10.  Understands basic concepts about international economics
  Level III (Grade 6-8)
   Benchmark 8.Knows how the level of real GDP per capita is used to compare the level of economic development in different nations
    Knowledge/skill statements
     1.Understands GDP per capita
     2.Knows different levels of economic development
     3.Knows how to measure economic development