Indiana Social Studies GE.5.7

Social StudiesGrades 9–12Money and Banking: Role of Monetary and Fiscal Policies

The Standard

Investigate the effect of Gross Domestic Product (GDP), unemployment, and inflation on economies.

2026 Indiana Academic Standards: K-12 Social Studies

Teacher's field guide

What Students Need to Do: Students read GDP, unemployment, and inflation figures to see what is happening with production, jobs, and prices. They explain how changes in those figures can affect spending, paychecks, and buying power.
What Mastery Looks Like: Given two years of data, students can tell whether output, unemployment, and overall prices rose or fell. They can explain why more jobs may help households while rising prices still strain their budgets.
Common Misconceptions: Students may think GDP growth means every household earns more. They may count retirees or students who are not seeking work as unemployed. They may mistake a rise in one price for inflation across the economy.
How to Assess It: Exit ticket: GDP rises 3%, unemployment falls from 7% to 5%, and inflation rises from 2% to 6%. Write one likely effect of each change on households.

Lesson moves

Give groups cards showing GDP, unemployment, and price figures for two years; have them build a three-column chart of the changes.
Ask: If GDP rises but prices rise faster than wages, who might still struggle? Write two sentences using a grocery bill example.
Play a matching game: pair GDP growth, rising unemployment, and faster inflation with greater production, lost paychecks, and reduced buying power.
Give students two dated price lists for the same five groceries; have them calculate the change in a family's weekly bill.

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