Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Modern Monetary Theory wikipedia , lookup
Full employment wikipedia , lookup
Non-monetary economy wikipedia , lookup
Fear of floating wikipedia , lookup
Exchange rate wikipedia , lookup
Economic calculation problem wikipedia , lookup
Phillips curve wikipedia , lookup
Long Depression wikipedia , lookup
Okishio's theorem wikipedia , lookup
Interest rate wikipedia , lookup
ECONOMICS Economy Types There are four types of economy in the United States Agricultural Service Industrial Information Measuring Economic Activity Economic Indicators: Measure things like production rate, economic growth, and how it compares to other countries Gross Domestic Product Unemployment Rate Rate of Inflation National Debt Gross Domestic Product (GDP) The total value of the goods and services in a country in country Determined by productivity Calculated by the sum of the following goods and services: Consumer goods and services Business goods and services Government goods and services Goods and services sold to other countries (exports) Gross Domestic Product (GDP) Effect standard of living which is the amount of goods and services the average citizen can buy Gross Domestic Product (GDP) Unemployment Rate Measures the number of the people who are able to work but do not have a job during a given period of time Participation Rate: A measure of the active portion of an economy's labor force. The participation rate refers to the number of people who are either employed or are actively looking for work. Service Industrial Information Unemployment Rate Rate of Inflation General increase in the cost of goods and services. the opposite is deflation. The more people are employed Producers raise prices again to offset labor cost The more they spend Demand goes up Wages go up To pay higher prices higher wages demanded Producers raise prices Can spiral out of control and leads to Hyperinflation Rate of Inflation Deflation is a general decrease of goods and services Countries overproduce Demand continues to drop Prices are lowered People have less money Production is reduced Wages stagnate or are reduced Jobs are lost Rate of Inflation National Debt The amount of money a government owes Government earns money through taxes Budget deficit is when a country takes less money than they owe Budget surplus is when the country takes in more money than it owes National Debt Questions 1) What are the reasons for unemployment 2) What is the difference between inflation and deflation 3) List the four factors of GDP 4) What is the current GDP rate