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GDP


Business cycles

Business Cycles


Unemployment

Unemployment


Inflation

Inflation


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Misc.


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Business Cycles

GDP

Misc.

Inflation

Unemployment

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GDP - $100

What does GDP stand for?


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GDP - 200

What is GDP?


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GDP- $300

When the Department of Commerce analyzes production data, it faces several decisions concerning what should be included and excluded when calculating GDP.

Name 1 of these factors.


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GDP- $400

The are 5 income measures included in the National Income and Product Accounts (NIPA).

Name 1 of these.


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GDP- $500

The economy is made up of several different sectors.

Name 1 of these.


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Business Cycles - $100

Definition: Large systematic ups and downs of real GDP.

What is the term?


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Business Cycles - $200

Definition: Rise and fall of real GDP over time in a non-systematic manner.

What is the term?


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Business Cycles - $300

There are a few phases associated with the business cycle.

Name 1.


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Business Cycles - $400

Capital expenditures, inventory adjustments, innovation & imitation, monetary factors, and external shocks are all causes of what?


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Business Cycles - $500

There are two ways to predict business cycles.

Name 1.


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Unemployment - $100

What determines if a person is unemployed?


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Unemployment- $200

How do you find the unemployment rate?


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Unemployment- $300

True of False:

The unemployment rate does not have problems or limitations.


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Unemployment- $400

There are several different types of unemployment.

Name 1.


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Unemployment- $500

Full-employment is reached when the unemployment rate drops below what number?


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Inflation - $100

What is inflation?


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Inflation- $200

What is the difference between real GDP and current GDP?


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Inflation- $300

There are three degrees of inflation.

Name 1.


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Inflation- $400

There are many causes

of inflation.

Name 1.


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Inflation- $500

There are several consequences of inflation.

Name 1.


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Misc. - $100

The output-expenditure model shows aggregate demand by the consumer, investment, government, and foreign sectors.

What is the equation for this model?


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Misc. -$200

A major economic event happened in October of 1929.

What was it?


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Misc. -$300

What is one of the limitations of unemployment?


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Misc. -$400

What is the equation to determine the inflation rate?


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Misc. -$500

A deflation is a decrease in the general price level. There were two significant deflations in the 1900s:

One in the early 1920s,

One in the 1930s.

These deflations occurred after what two major historical events?


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GDP - $100

Gross Domestic Product


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  • The dollar amount of all final goods and services produced within a country’s national borders

  • OR –

  • The single most important measure of the economy’s overall economic performance.


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-Intermediate Products

-Secondary Sales

-Nonmarket Transactions

-Underground Economy


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-GNP: Gross National Product

-NNP: Net National Product

-NI: National Income

-PI: Personal Income

-DI: Disposable (Personal) Income


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-Consumer Sector

-Investment (or Business) Sector

-Government Sector

-Foreign Sector


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Business Cycles- $100

Business Cycle


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Business Cycle - $200

Business Fluctuations


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Business Cycle - $300

-Recession

-Expansion

-Depression


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Business Cycle - $400

Business Cycles


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Business Cycles - $500

-Econometric Model

-Index of Learning Indicators


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Unemployment - $100

-Must be available for work

-Currently or recently seeking employment

-Work less than 1 hour a week for pay


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False

The unemployment rate

has many limitations.


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-Frictional Unemployment

-Structural Unemployment

-Cyclical Unemployment

-Seasonal Unemployment

-Technological Unemployment


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5 %


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A rise in the general price level.


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-Current GDP is equivalent to GDP.

-Real GDP is when the distortions of inflation have been removed.


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-Creeping Inflation: 1% to 3%

-Galloping Inflation: up to 300%

-Hyperinflation: 500% and up


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-Demand-Pull Theory

-Federal Government Deficits

-Rising input costs (labor) raises production costs

-Increase in price of non-labor costs

-Self-perpetuating cycle

-Higher prices = higher wages

-Excessive monetary growth


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-The dollar buys less

-Changes in people’s spending habits

-Tempts people to speculate heavily

-Alters the distribution of income


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GDP = C + I + G + (F-S)


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-The Great Depression

-Stock-Market Crash

-”Black Tuesday”


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-Does not count people who are not looking for work

-People who work part-time, but not full-time are not considered to be unemployed


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x 100


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-Early 1920s: Post WWI

-1930s: During the Great Depression


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