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Economic Trends Workbook

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Economic Trends Workbook

Economic trends graph illustration

📊 Part 1: Economic Indicators & Market Trends

WALT: Identify and analyse key economic indicators
Success Criteria: I can explain GDP, inflation, and unemployment rates
1. Which of these is the BEST measure of a country's economic output?

Inflation rate

Gross Domestic Product (GDP)

Population size

Interest rates

2. If New Zealand's inflation rate rises from 2% to 4%, what does this mean?

Prices are falling

Prices are rising more quickly

Unemployment is increasing

The economy is shrinking

3. Which economic indicators show a healthy economy? (Select all that apply)

Rising GDP

Low unemployment

Stable inflation (2-3%)

Very high inflation (15%+)

4. Complete this sentence: When unemployment rates increase, consumer spending typically __________.

📈 Part 2: Economic Cycles & Data Interpretation

WALT: Analyse economic cycles and interpret economic data
Success Criteria: I can identify boom, recession, and recovery phases
5. List the four main phases of an economic cycle in order:

1. _________________ 2. _________________ 3. _________________ 4. _________________

6. During a recession, which of these typically happens?

GDP increases rapidly

Unemployment falls

Business profits decline

Consumer confidence rises

7. Explain how the Reserve Bank of New Zealand might respond to high inflation. Include TWO specific actions they could take.
8. Extension Activity: Research and compare New Zealand's current GDP growth rate with Australia's. What factors might explain any differences?

📝 Part 3: Economic Analysis & Critical Thinking

WALT: Evaluate economic trends and their social impacts
Success Criteria: I can analyse cause and effect relationships in economics
9. Scenario: House prices in Auckland have increased by 15% in one year. Analyse THREE possible causes and TWO potential consequences of this trend.
10. Differentiation Support: Choose ONE economic indicator (GDP, inflation, or unemployment) and explain in simple terms how it affects ordinary New Zealand families.
11. Critical Thinking: "Economic growth should be the government's top priority." Do you agree or disagree? Support your answer with economic reasoning.

📚 Answer Key

Part 1 Answers:

1. Gross Domestic Product (GDP)

2. Prices are rising more quickly

3. Rising GDP, Low unemployment, Stable inflation (2-3%)

4. decreases/falls/declines

Part 2 Answers:

5. Expansion/Boom, Peak, Contraction/Recession, Trough

6. Business profits decline

7. Sample answer: Raise interest rates, reduce money supply

Assessment Criteria:

Achieved: Correctly identifies basic economic concepts

Merit: Explains relationships between economic indicators

Excellence: Analyses complex economic scenarios with supporting evidence

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