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Economic Activity

2. Economic Activity. 2-1 Measuring Economic Activity 2-2 Economic Conditions Change 2-3 Other Measures of Business Activity. LESSON 2-1 Measuring Economic Activity. Goals Define gross domestic product. Describe economic measures of labor.

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Economic Activity

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  1. 2

    Economic Activity

    2-1 Measuring Economic Activity 2-2 Economic Conditions Change 2-3 Other Measures of Business Activity
  2. LESSON 2-1Measuring Economic Activity Goals Define gross domestic product. Describe economic measures of labor. Identify economic indicators for consumer spending. Chapter 2
  3. Key Terms Gross Domestic Product (GDP) GDP per capita unemployment rate productivity personal income retail sales Chapter 2
  4. GROSS DOMESTIC PRODUCT (GDP) Components of GDP Comparing GDP Chapter 2
  5. Comparison of GDP in Selected Countries Chapter 2
  6. Rank Country/Region GDP (Millions of $US) 1 United States 14,991,300 2 China 7,203,784 3 Japan 5,870,357 4 Germany 3,604,061 5 France 2,775,518 6 Brazil 2,476,651 7 United Kingdom 2,429,184 8 Italy 2,195,937 9 India 1,897,608 10 Russia 1,857,770 Chapter 2
  7. GDP Per Capita Output per person Chapter 2
  8. Rank Country Intl. $ Year 1 Luxembourg 91,388 2012 — Macau 87,765 2012 2 Qatar 86,507 2011 3 Norway 65,640 2012 4 Singapore 61,803 2012 5 Switzerland 53,367 2012 6 Brunei 53,348 2012 — Hong Kong 51,946 2012 7 United States 49,965 2012 8 Kuwait 49,001 2011 9 Australia 44,598 2012 10 Austria 44,208 2012 Chapter 2
  9. >> C H E C K P O I N T What types of economic activities are not included in GDP? Chapter 2
  10. LABOR ACTIVITIES Employment Unemployment Rate People in the workforce who are willing to work but can not find jobs to work in Productivity The production output in relation to a unit of input, ( a worker) Chapter 2
  11. >> C H E C K P O I N T What are ways to increase productivity? Chapter 2
  12. CONSUMER SPENDING Personal income Salaries and wages as well as investments and government payments to individuals Retail sales Chapter 2
  13. >> C H E C K P O I N T What are the main sources of personal income? Chapter 2
  14. 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
  15. business cycle prosperity recession depression recovery inflation price index deflation Key Terms Chapter 2
  16. THE BUSINESS CYCLE Prosperity Recession Depression Recovery Chapter 2
  17. >> C H E C K P O I N T What are the four phases of the business cycle? Chapter 2
  18. CONSUMER PRICES Inflation Causes of inflation Measuring inflation Deflation Chapter 2
  19. >> C H E C K P O I N T What are the main causes of inflation? Chapter 2
  20. INTEREST RATES Types of interest rates Changing interest rates Chapter 2
  21. >> C H E C K P O I N T How do interest rates affect business activities in our economy? Chapter 2
  22. LESSON 2-3Other Measures of Business Activity Goals Discuss investment activities that promote economic growth. Explain borrowing activities by government, business, and consumers. Describe future concerns of economic growth. Chapter 2
  23. Key Terms capital project stock bond budget surplus budget deficit national debt Chapter 2
  24. INVESTMENT ACTIVITIES Personal savings The stock market The bond market Chapter 2
  25. >> C H E C K P O I N T Name some examples of capital projects. Chapter 2
  26. BORROWING Government debt Business debt Consumer debt Chapter 2
  27. >> C H E C K P O I N T What is the cause of a budget deficit? Chapter 2
  28. FUTURE ECONOMIC CHALLENGES Limited access to health care Need for proper housing for many people Traffic and crime Unemployment Chapter 2
  29. >> C H E C K P O I N T What are future economic concerns for a country’s economy? Chapter 2
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