In class students were introduced to the circular flow model which identifies the movement of goods, service and resources with the economy. Afterwards, students were introduced to Gross Domestic Product (GDP) which is a measurement of aggregate output in the economy. While there are three ways that GDP is calculated, income approach, production approach and spending approach.
The notes are attached and the homework is listed below.
Notes - The Circular Flow Model and GDP
HW - Read Module 11 - Interpreting GDP
Study for Quiz #2 - Supply/Demand Curve
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