Definitions to know and be able to illustrate with examples.
- Circular Flow of income/expenditures that allows both the income approach and the expenditures approach of calculating GDP to equal the same number. (See 2.1 Ppt)
- Limitations of GDP (what it does not measure) (See 2.1 Ppt)
- Labor force, unemployment rate, and the labor force participation rate. (See 2.2 Ppt)
- Consumer Price Index (CPI), inflation, deflation, the difference between nominal and real (See 2.3 Ppt)
-Nominal GDP vs Real GDP (See 2.1 Ppt)
Phases of the business cycle (See 2.1 Ppt)
Be able to graph
No graphing in this unit.
-Be able to calculate
- Nominal GDP using the expenditures method.
- Be able to adjust nominal GDP to real GDP using a GDP deflator.
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| ncee_activity_11.pdf |
| ncee_activity_11_key_.pdf |
