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Business Foundations
Chapter 3 Slide Show notes
Measuring Economic Activity
_________ ___________ _____________ are used to measure the health and strength of
the economy.
Economic indicators measure things like how much a country is producing, whether its
economy is growing, and how it compares to other countries.
Gross Domestic Product (GDP)
Economists include four main areas in calculating the GDP:
• Consumer goods and services
• Business goods and services
• Government goods and services
• Goods and services sold to other countries
The __________ __ _________ is the amount of goods and services the average citizen
can buy. (how well people live)
Unemployment Rate
The unemployment rate measures:
There are different reasons for being unemployed, including:
Changes in the unemployment rate show whether an economy is picking up or slowing
Rate of Inflation
___________ is a general increase in the cost of goods and services.
The_____________________(CPI) measures inflation. The CPI calculates what it costs
the typical family of 4 to live.
Inflation can happen when an economy actually becomes too productive.
(grows to fast)
This situation can spiral out of control and lead to _________________.
______________is a general decrease in the cost of goods and services.
National Debt
When the government spends more on programs than it collects in taxes, the difference in
the amount is called the ________________.
National Debt
The total amount of money a government owes is its ___________________.
If a nation spends less than its income, it has a ____________________.
The Business Cycle
The rise and fall of economic activity over time is called the business cycle.
The four phases of the business cycle are: