Help your students understand two key economic ideas
Here are two more videos that the RBA has recently added to their website.
Gross Domestic Product
Gigi Lovicu explains the concept of GDP. He covers the three main measures of GDP and what is not included in GDP.
The section on what’s not included would be useful when Year 10 students are looking at measures of economic activity and wellbeing.
The section about the three main measures and how they are used is interesting and probably best presented to Year 11 students in the macro economics unit in Semester 2.
The Labour Market and Unemployment
Gigi explains the meaning of the labour market and the groups that it is divided into. He also explains three of the main types of unemployment before looking at recent labour market data (unemployment rate and underemployment rate). These parts would be good to use with in Year 10 students when looking at economic goals and/or with Year 11 students in the macro economics unit in Semester 2.
The sections on historical episodes of unemployment and policies recently used by the government and the RBA would be excellent for Year 12 students in the macro economics unit.