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Define 2-3 key terms page 44. 02/06/2013 Starter. Chapter 2 Measuring economic activity. 1.02 ~ Economic activities and conditions. GROSS DOMESTIC PRODUCT (GDP). The total dollar value of all final goods and services produced in a country during one year.

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Define 2-3 key terms page 44

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Define 2-3 key termspage 44

02/06/2013 Starter


Chapter 2Measuring economic activity

1.02 ~ Economic activities and conditions


GROSS DOMESTIC PRODUCT (GDP)

  • The total dollar value of all final goods and services produced in a country during one year.

  • http://www.bbc.co.uk/news/business-13200758

Chapter 2


Components of GDP

Chapter 2


NOT Included in GDP

NOTE: If GDP increases from year to year, this usually signals that an economy is growing and is healthy.

Chapter 2


GROSS DOMESTIC PRODUCT (GDP)

  • Decision-Making Strategies, #31-32, Page 50 in textbook

Chapter 2


GDP per capita


Measuring economic activities


LABOR ACTIVITIES

Chapter 2


Labor Activities ~ Employment

Chapter 2


Labor activities ~ Productivity

Chapter 2


CONSUMER SPENDING

Chapter 2


CONSUMER SPENDING

Chapter 2


>> C H E C K P O I N T

  • Unemployment/GDP mapping activity.

  • You are to label the blank US map with the following information:

    • Unemployment rate per state

    • GPD per capita per state

  • Answer the following question based on your map:

    • What correlation can you see between the unemployment rates and the GDP per capita?

Chapter 2


>> C H E C K P O I N T

2-1 Assessments, #1-3, page 37

Chapter 2


>> C H E C K P O I N T

A cosmetic company purchased an automatic wrapping machine that wraps a pallet of boxes in 30 seconds. To complete the same task manually, it would take an employee almost 3 minutes. This information would be useful for which measurement of economic activities?

1-Consumer spending

2-GDP

3-GDP per capita

4-Labor activities

Chapter 2


>> C H E C K P O I N T

Due to decreasing enrollment in a local school system, fewer teachers as employees are needed. As a result, over 100 teachers were released from their commitments. This information would be useful for which measurement of economic activities?

1-Consumer spending

2-GDP

3-GDP per capita

4-Labor activities

Chapter 2


>> C H E C K P O I N T

In a hypothetical economy, only 40 people were included and 15 pizzas were produced last year at $7 dollars each. This information would be useful for which measurement of economic activities?

1-Consumer spending

2-GDP

3-GDP per capita

4-Labor activities

Chapter 2


LESSON 2-3Other Measures of Business Activity

Chapter 2

Goals

Discuss investment activities that promote economic growth.

Explain borrowing activities by government, business, and consumers.

Describe future concerns of economic growth.


Investment Activities

Chapter 2


Investment Activities, cont’d.

Chapter 2


Personal Savings

Chapter 2


The Stock Market

Chapter 2


The Bond Market

Chapter 2


Borrowing activities

Chapter 2


Government Debt

Chapter 2


Government Debt, cont’d.

The total amount owed by the federal government is called the national debt.

Chapter 2


BUSINESS Debt

Chapter 2


Business debt, cont’d

Chapter 2


Consumer debt

Chapter 2


Consumer debt, cont’d

Chapter 2


FUTURE ECONOMIC CHALLENGES

Chapter 2


>> C H E C K P O I N T

2-3 Assessment, #1-3, page 47

Chapter 2


>> C H E C K P O I N T

If an economist researches annually the total value of homes built, this information would be useful for which measurement of economic activities?

  • Consumer Spending

  • GDP

  • Investment Activities

  • Labor Activities

Chapter 2


>> C H E C K P O I N T

When a government agency reports annually the total amount spent to pay employees, this information is useful for which measurement of economic activities?

  • Consumer Spending

  • GDP

  • Investment Activities

  • Labor Activities

Chapter 2


>> C H E C K P O I N T

Department stores report monthly to the state commerce office its total sales of goods and services. This information would be useful for which measurement of economic activities?

  • Borrowing

  • Consumer Spending

  • Investment Activities

  • Labor Activities

Chapter 2


>> C H E C K P O I N T

Mary is proud of saving over $43,000 in a bank. She knows that her saving money at the bank will provide funds for others to borrow money. This information would be useful for which measurement of economic activities?

  • Borrowing

  • Consumer Spending

  • Investment Activities

  • Labor Activities

Chapter 2


LESSON 2-2Economic Conditions Change

Goals

  • Describe the four phases of the business cycle.

  • Explain causes of inflation and deflation.

  • Identify the importance of interest rates.

Chapter 2


THE BUSINESS CYCLE

  • Our economy has its ups and downs; seems to run in cycles

  • Good times Bad times Good times

  • This movement of the economy from one condition to another and then back again is called a Business Cycle.

  • Four phases

Chapter 2


  • Prosperity

  • Employment rate and demand for products and services are high.

  • Businesses continue making profits.

  • Recession

  • Unemployment rate is increasing and demand for products and services are lowering.

  • Businesses must strategize to stimulate demand for products & services.

  • Recovery

  • Unemployment rate is lowering and demand for products and services is increasing.

  • Business may increase human capital.

  • Depression

  • Unemployment rate is high and demand for products and services is lowering.

  • Businesses try to maintain profits or break even to avoid going out of business.


CONSUMER PRICES

Chapter 2


Chapter 2


>> C H E C K P O I N T

Chapter 2

What are future economic concerns for a country’s economy?


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