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Understanding and Preventing Economic Crises: Great Depression Insights

Learn about the Great Depression, inflation, deflation, GDP, unemployment rates, and more. Could the Great Depression have been prevented? Dive into economic definitions and measures to gain valuable insights.

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Understanding and Preventing Economic Crises: Great Depression Insights

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Presentation Transcript

  1. October 7– Do you think the Great Depression could have been prevented? Why?

  2. Measuring the Great Depression

  3. Definitions • What is inflation? --a general upward movement in price of goods and services in an economy • What is deflation? --a general downward movement in the price of goods and services in an economy • What is the Consumer Price Index (CPI)? --A statistic reported monthly and indicates annual percentage changes in price levels

  4. Defintions • What is Gross Domestic Product (GDP)? • Market value of all final goods and services produced in an economy in a given year • What is nominal GDP? • GDP that has not been adjusted for inflation • What is real GDP? • GDP adjusted for inflation • What is the unemployment rate? • the number of unemployed as a percentage of the labor force which is reported monthly

  5. Definitions • What is the definition of unemployed? • Civilian persons 16 years of age or older are classified if they do not have jobs, have actively looked for work in the prior 4 weeks and are currently available for work.

  6. Inflation Deflation

  7. Complete an OPVL—By Chase April 21, 1933

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