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Congrats to the Bay Area! • The FDA and hundreds of other health professionals have issued McDonalds Corp. a public letter requesting that McDonald’s stop marketing Happy Meals to young children • San Francisco already has a city ordinance regarding minimum health requirements for meals that include toys • We hope that the rest of the country will follow in its footsteps by the year 2016 Business Cycles Warm Up #2 1. What are the 4 categories of spending that make up our GDP (by expenditure)? 2. How does the GDP of a country relate to its standard of living? Review • Real GDP- GDP reported in the price levels for the year in which GDP was measured • Nominal GDP- GDP that takes into account inflation and current value of goods GDP vs GNP • Gross Domestic Product- value of all goods produced WITHIN the US • Gross National Product- value of all goods made by US countries • There are 2 phases: Business Cycle – Expansion • New technology • Post-War industry – Recessions • Unemployment • Drop in stocks • Higher interest rates Draw and Label the Business Cycle • The Business Cycle by Khan Academy Growing too fast too quickly can be a bad thing • When the GDP soars at a really fast pace, economists worry about a “bursting bubble” • Slow and steady wins the race Recession and Depression • Recession- when GDP falls for 6 consecutive months • Depression- when GDP falls for over 12 consecutive months Aggregate supply and demand • Aggregate output is real GDP- total amount of goods and services calculating inflation and new census information • Aggregate supply refers to the total amount that all U.S. producers are willing and able to produce • Aggregate demand refers to how people respond to price levels Per capita GDP • Per capita GDP is the GDP per household • Currently $42,000 (roughly) • Best measure of the US Standard of Living Begin Homework • Reteaching Activity 12-2: Business Cycles