Download EFL Lesson 1 Guide Show
EFL Lesson 1 Slides IntroductionIn this lesson students are introduced to the concept of economic growth through the story of human progress and changing standards of living over time. Video clips, historical examples and a mini-activity engage students in the discovery of the institutions that foster economic growth. Mini Activity
ObjectivesAt the end of this lesson students will be able to:
Economic Concepts
National Content Standards AddressedStandard 1: ScarcityProductive resources are limited. Therefore people cannot have all the goods and services they want. As a result, they must choose some things and give up others.
Standard 4: IncentivesPeople respond predictably to positive and negative incentives.
Standard 15: GrowthInvestment in factories, machinery, new technology, and in the health, education, and training of people can raise future standards of living.
Key IdeasDownload full lesson guide for procedures and teaching tips.
Figure 1 – population and innovation graph
(Fogel)
Ideas To Take Away From This Lesson
Is economic growth is an increase in a nation's output of goods and services over time?Economic growth is a sustained increase in a nation's production of goods and services. Increases in productivity, as the result of investments in human and physical capital, raise incomes and standards of living.
Is economic growth an output?Economic growth means that an economy has increased its ability to produce more. When an economy is producing beyond potential output, it might have experienced an increase in real GDP, but that is not economic growth.
Does economic growth measures increase in output?Key Takeaways
Economic growth is an increase in the production of goods and services in an economy. Increases in capital goods, labor force, technology, and human capital can all contribute to economic growth.
What is economic growth an increase in?“Economic growth is an increase in the production of economic goods and services, compared from one period of time to another” is the definition at Investopedia.
|