National Economic Goals

Think for a moment about what you have heard on the news recently about the economy.  Furthermore, think about what you have heard your parents or friends talking about in conversation.  Do you know someone that has recently lost his/her job?  Have you had to cut back spending on things that you used to buy?  Is someone you know no longer working full-time, but part-time?  Have you or one of your friends decided to take a part-time job because your parents told you that “times were tight?”

Economists and governments are continuously measuring trends in the economy to try and predict what will happen in the future.  Many people and businesses depend on and base decisions on the predictions made about the economy and economic trends.  Do you think you will ever make a decision about buying a car, purchasing or refinancing a house, or taking a new job?  Economic predictions and measurements will help you to successfully make those types of decisions.

Essential Question

• How and why is economic activity measured?