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Define 2-3 key terms page 44

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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  1. Define 2-3 key termspage 44 02/06/2013 Starter

  2. Chapter 2Measuring economic activity 1.02 ~ Economic activities and conditions

  3. 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

  4. Components of GDP Chapter 2

  5. 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

  6. GROSS DOMESTIC PRODUCT (GDP) • Decision-Making Strategies, #31-32, Page 50 in textbook Chapter 2

  7. GDP per capita

  8. Measuring economic activities

  9. LABOR ACTIVITIES Chapter 2

  10. Labor Activities ~ Employment Chapter 2

  11. Labor activities ~ Productivity Chapter 2

  12. CONSUMER SPENDING Chapter 2

  13. CONSUMER SPENDING Chapter 2

  14. >> 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

  15. >> C H E C K P O I N T 2-1 Assessments, #1-3, page 37 Chapter 2

  16. >> 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

  17. >> 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

  18. >> 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

  19. 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.

  20. Investment Activities Chapter 2

  21. Investment Activities, cont’d. Chapter 2

  22. Personal Savings Chapter 2

  23. The Stock Market Chapter 2

  24. The Bond Market Chapter 2

  25. Borrowing activities Chapter 2

  26. Government Debt Chapter 2

  27. Government Debt, cont’d. The total amount owed by the federal government is called the national debt. Chapter 2

  28. BUSINESS Debt Chapter 2

  29. Business debt, cont’d Chapter 2

  30. Consumer debt Chapter 2

  31. Consumer debt, cont’d Chapter 2

  32. FUTURE ECONOMIC CHALLENGES Chapter 2

  33. >> C H E C K P O I N T 2-3 Assessment, #1-3, page 47 Chapter 2

  34. >> 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

  35. >> 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

  36. >> 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

  37. >> 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

  38. 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

  39. 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

  40. 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.

  41. CONSUMER PRICES Chapter 2

  42. Chapter 2

  43. >> 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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