Economic Growth 💹

🎯 Learning Targets

• Explain why economic growth is important
• Identify the requirements for economic growth
• Describe the relationship between economic growth and productivity

⏰ What We Did

• Passed back and discussed "Solving Word Problems Involving Percentages" (A-12), "Calculating the Creation of Money" (A-13), and "Calculating Gross Domestic Product" (A-14)
• Used the instructional notes for Lesson 9, Part 3: Economic Growth, to answer the following questions in complete sentences:

1. Define labor productivity, productivity growth, capital-to-labor ratio, and capital deepening.
2. Describe the relationship between economic growth and a nation's standard of living.
3. What changes result in economic growth?
4. List and describe the three factors that lead to increased productivity.
5. Explain why it is important for the United States to be able to compete in the global economy.

💻 Homework

• Watch and take notes on Lesson 9, Part 4: Inflation, before class tomorrow