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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. >> C H E C K P O I N T What types of economic activities are not included in GDP? Chapter 2

  7. LABOR ACTIVITIES • Employment • Productivity Chapter 2

  8. >> C H E C K P O I N T What are ways to increase productivity? Chapter 2

  9. CONSUMER SPENDING • Personal income • Retail sales Chapter 2

  10. >> C H E C K P O I N T What are the main sources of personal income? Chapter 2

  11. 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

  12. business cycle prosperity recession depression recovery inflation price index deflation Key Terms Chapter 2

  13. THE BUSINESS CYCLE • Prosperity • Recession • Depression • Recovery Chapter 2

  14. >> C H E C K P O I N T What are the four phases of the business cycle? Chapter 2

  15. CONSUMER PRICES • Inflation • Causes of inflation • Measuring inflation • Deflation Chapter 2

  16. >> C H E C K P O I N T What are the main causes of inflation? Chapter 2

  17. INTEREST RATES • Types of interest rates • Changing interest rates Chapter 2

  18. >> C H E C K P O I N T How do interest rates affect business activities in our economy? Chapter 2

  19. 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

  20. Key Terms • capital project • stock • bond • budget surplus • budget deficit • national debt Chapter 2

  21. INVESTMENT ACTIVITIES • Personal savings • The stock market • The bond market Chapter 2

  22. >> C H E C K P O I N T Name some examples of capital projects. Chapter 2

  23. BORROWING • Government debt • Business debt • Consumer debt Chapter 2

  24. >> C H E C K P O I N T What is the cause of a budget deficit? Chapter 2

  25. FUTURE ECONOMIC CHALLENGES • Limited access to health care • Need for proper housing for many people • Traffic and crime • Unemployment Chapter 2

  26. >> 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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