Check out Google's Public Data Explorer for South Korean GDP over time. This website allows you to compare vast amounts of data from countries all over the world. Using this website, you will answer the following questions on a google document:

1. Using the graph of South Koreas's GDP Growth Rate, identify three periods in history during which South Korea experienced notable economic growth. (List the time frames and the growth rates).
2. Identify the specific factors and events that contributed to this growth.
3. Now, identify one period in history during which South Korea experienced an economic recession or depression. (List the time frame and the growth rate).

1. Identify the specific factors and events that contributed to this decline. 
2. Under the tab that says "financial sector," view the graph for South Korea's inflation rate.
3. Identify the inflation rates that correspond to the four time periods you selected. In other words, what was the inflation rate during those times of economic growth and recession that you selected?
4. Under the tab that says "labor and social protection," view a graph for South Korea's unemployment rate.
5. Identify the unemployment rates that correspond to the four time periods you selected. In other words, what was the unemployment rate during those times of economic growth and recession that you selected?
6. In at least one full paragraph (6 sentences minimum), analyze any correlations you see between economic growth, inflation, and unemployment. Do you notice any patterns or trends? Can you make any predictions about the future?  
7. Choose another statistic and compare it with growth rate, inflation, and unemployment in the years you selected. This fourth statistic can be anything you want. (4 sentences minimum).

•  Note: you may not be able to find inflation or unemployment data that matches the dates you selected. If this is the case, search the internet to see if you can find this information elsewhere. 

This is a summative assignment that will make up 50% of your quiz grade for "the first two goals of macroeconomics." The other 50% will be a traditional in-class quiz.

website screenshot

---

Standards: "NCEE: Economics" (2010) NCEE Standard 15 : Economic Growth Investment in factories, machinery, new technology, and in the health, education, and training of people stimulates economic growth and can raise future standards of living. a) Economic growth is a sustained rise in a nation's production of goods and services. It results from investments in human and physical capital, research and development, and technological change, and from improved institutional arrangements and incentives b) Economic growth creates new employment and profit opportunities in some industries, but growth reduces opportunities in others. c) The rate of productivity increase in an economy is strongly affected by the incentives that reward successful innovation and investments (in research and development, and in physical and human capital). NCEE Standard 18 : Economic Fluctuations Fluctuations in a nation's overall levels of income, employment, and prices are determined by the interaction of spending and production decisions made by all households, firms, government agencies, and others in the economy. Recessions occur when overall levels of income and employment decline. a)Gross Domestic Product (GDP) is a basic measure of a nation's economic output and income. It is the total market value, measured in dollars, of all final goods and services produced in the economy in one year. a) When desired expenditures for consumption, investment, government spending, and net exports are greater than the value of a nation's output of final goods and services, GDP rises, and inflation occurs and/or employment rises. b) When desired expenditures for consumption, investment, government spending, and net exports are less than the value of a nation's output of final goods and services, GDP decreases and inflation and/or employment decreases. NCEE Standard 19 : Unemployment and Inflation Unemployment imposes costs on individuals and the overall economy. Inflation, both expected and unexpected, also imposes costs on individuals and the overall economy. Unemployment increases during recessions and decreases during recoveries. a) When unemployment exists, an economy's production is less than potential GDP and some labor resources are not used. b) The unemployment rate is the percentage of the labor force that is willing and able to work, does not currently have a job, and is actively looking for work.