 |
|
Measuring Economic Activity |
|
Vocab: |
|
| Economic Indicators: | Important data or statistics that measure economic activity and business cycles. (Gross Demestic Product) (Inflation) (unemployment) |
| Gross Demestic Production | Is the dollar value of all final goods and servicesproduced in the nation in a single year. (GDP) Economists compute the sum of goods and services. The 4 main areas: Cosumer goods and services Business goods and services Government goods and services Goods and services sold to other contries |
| Standard of living | Shows how well people in an economic system live. |
| Inflation | Prolonged rise in prices of goods and services. |
| Inflation rate | The percentage in which the average level of prices in an economy rises. |
| Unemployment rate | The percentage of the umemployed work force compared to the employed force of workers. |
 |
| 1. | Which one of the below have nothing to do with economic resources? A.Natural Resources B.Entrepreneurial Resources C.Money Resources D.Human Resources |
| 2. | What does GDP stand for? A.Governor Democratic People B.Gross Domestic Production C.Greeting Demon People D.Glove Domestic Product |
| 3. | Will a dollar be worth more or less in a couple of years if we have inflation? A.More B.Less |
| 4. | What does Gross Domestic Product measure? A.High employment rate B.Value of all fianl goods and services C.Natural resources D.Standard of living |
| 5. | What is unemployment rate? A.The percentage of unemployed work force compared to the entire work force B.The employees compared to the unempoyees C.The goods and services of employees |