This engaging IGCSE Economics lesson introduces students to the concept of Gross Domestic Product (GDP) through the relatable analogy of a nation’s giant supermarket, illustrating how the total value of goods and services produced reflects economic activity. The circular flow of income is demystified using the water cycle analogy, emphasizing the continuous movement of money within an economy.
Students explore the origins of GDP measurement by discussing the contributions of economist Simon Kuznets. The lesson critically examines the advantages and disadvantages of economic growth, fostering discussions on sustainability and long-term implications. Incorporating Kate Raworth’s Doughnut Economics model, students are encouraged to consider sustainable development that balances economic needs with environmental and social boundaries .
The lesson is enriched with hyperlinked exam questions and compelling visuals to enhance understanding and engagement.
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The Business and Economics Playground
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