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UNIT 2A: Measuring Economic Performance EQs and Vocab Ch 12, 13, & 16) NAME:________________________________ SSEMA1: The student will illustrate the means by which economic activity is measured. SSEMA3: The student will explain how the government uses fiscal policy to promote price stability, full employment and economic growth. (Ch 12 & 13) SSEMA2: The student will explain the role and functions of the Federal Reserve System. (Ch 16) Chapter 12: 1. Gross Domestic Product (GDP) 2. Intermediate Goods 3. Nominal GDP 4. Real GDP 5. Price Level 6. Aggregate Supply 7. Aggregate Demand 8. Business Cycle 9. Economic Growth 10. Expansion 11. Contraction 12. Peak 13. Trough 14. Recession 15. Depression 16. Stagflation 17. Capital Deepening Chapter 13: 18. Frictional Unemployment 19. Seasonal Unemployment 20. Structural Unemployment 21. Cyclical Unemployment Provide your example in this column. (Listen in class!) Provide a “Tweet” definition in this column. (<140 letters) UNIT 2A: Measuring Economic Performance EQs and Vocab Ch 12, 13, & 16) NAME:________________________________ 22. Full Employment 23. Underemployment 24. Discouraged Worker 25. Inflation 26. Purchasing Power 27. Price Index 28. Consumer Price Index 29. Market Basket 30. Inflation Rate 31. Core Inflation Rate 32. Hyperinflation 33. Wage-Price Spiral Chapter 16: 34. The Federal Reserve 35. Discount Rate 36. Board of Governors 37. Federal Reserve Districts 38. Money Creation 39. Required Reserve Ratio 40. Prime Rate 41. Inside Lag 42. Outside Lag E?s Element: SSEMA1.b Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation and aggregate supply and aggregate demand. You need to answer each question correctly for credit. This is your STUDY GUIDE. G D P UNIT 2A: Measuring Economic Performance EQs and Vocab Ch 12, 13, & 16) NAME:________________________________ 1. Write out and explain the formula for GDP. 2. How does aggregate supply and aggregate demand influence the GDP? 3. When imports increase, why does the GDP decline? Formula: 4. The GDP of a country was $325,000 in 2005. In 2006 it was $330,000 did the country’s GPD actually rise? EXPLAIN! Element: SSEMA1.b Define economic growth. Element: SSEMA1.e Define the stages of the business cycle as well as recession and depression. Element: SSEMA1.c Explain how economic growth, inflation and unemployment are calculated. 5. 6. What are the 4 phases of the business cycle? 6. Label recession and depression on the business cycle. 1- 3- 7. What is stagflation? 2- 4- 8. How do you determine is the nation is in a recession or a depression? Ch 12 Sect 3: 9. How is economic growth measured? Element: SSEMA1.a Explain that overall levels of income, employment and prices are determined by the spending and production decisions of households, businesses, government and net exports. 10. How does YOU saving and investing relate to economic growth? UNIT 2A: Measuring Economic Performance EQs and Vocab Ch 12, 13, & 16) NAME:________________________________ 11. 11. How does capital deepening contribute to economic growth? 12. 13. 12. What role does population growth, government and foreign trade have on economic growth? Element: SSEMA1.b Define… , unemployment. Element: SSEMA1.c Explain how economic growth, inflation and unemployment are calculated. Ch 13 Sect 1: 14. What is “unemployment”? 15. 14. How is full employment measured? 16. 15. Why does full employment mean that every worker is NOT employed? 17. 16. If there is excessive inflation, what might the government do according to fiscal policy? Element: SSEMA1.d Identify structural, cyclical and frictional unemployment. 17. Why is unemployment bad for the economy? 18. What are the 5 causes of structural unemployment? 1. 2. 3. 4. 5. 19. How could you avoid being structurally unemployed? 20. What is cyclical unemployment? 21. Why is cyclical unemployment so challenging to improve? UNIT 2A: Measuring Economic Performance EQs and Vocab Ch 12, 13, & 16) NAME:________________________________ 22. What is frictional unemployment? 23. What is “underemployment”? 24. Bob is fired from his job. He looks for a job for 8 months and then gives up. Does Bob count as “unemployed”? EXPLAIN. 25. Explain, using an example, the wage price spiral. Element: SSEMA1.b Define…Consumer Price Index (CPI),… inflation. 26. What is CPI? What does CPI measure? 27. How are price indexes used to compare changes in prices over time? 28. Define inflation. 29. Identify the causes and effects of inflation. Causes Effects 30. Beyonce got a 3.5% raise last year. Interestingly enough inflation was 3.5% last year too. How much of a raise did Beyonce really get? Element: SSEMA2.a Describe the organization of the Federal Reserve System. 31. What is the Fed? 32. What is the role of the Board of Governors? How long do they serve? UNIT 2A: Measuring Economic Performance EQs and Vocab Ch 12, 13, & 16) NAME:________________________________ 33. What do the 12 District Reserve Banks do? 34. How does the Federal Reserve serve the government? 35. What are depository institutions? Element: SSEMA2.b Define Monetary policy. 36. What is “monetary policy” 37. How does a bank make a profit? Illustrate your answer. 38. How do banks create money? 39. What is the reserve rate? And why is it rarely adjusted? 40. What is the difference between inside & outside lag? Element: SSEMA2.c Describe how the Federal Reserve uses the tools of monetary policy to promote price stability, full employment and economic growth. 41. How does the Fed serve the federal government? 42. How does the Fed serve banks? 43. How does the Fed regulate the money supply? TOOLS NOTES: BANK Gibson