Economics

US Economies Agricultural

Service

Industrial

Information

Measuring Economics GDP

Unemployment Rate

Inflation

National Debt

Gross Domestic Product Total value of goods and services

produced

Measures productivity in a country

Changes standard of living depending on country

Comparing GDP

Unemployment Rate Able to work but can’t find work

• Quitting• Seasonal• Graduating• Technology• Downsizing• Current economic trends

Comparing Unemployment

Inflation rates General Increase in prices and costs Can be too productive- hyperinflation

• Look up an example of hyper-inflation• Causes, Economic conditions, What was

done to combat hyper-inflation Also can have deflation

• Lower prices, cut production US targets 1-3% inflation by

controlling production and unemployment

National Debt Income from taxes Spending more than income leads

to…. Can also borrow from public, other

countries Defaulting

Surplus

You Make the Call Pg. 38 Work in a group and discuss Answer the questions as a group and

tell me your decision

Business Cycle Ups and Downs

Prosperity

Recession

Depression

Recovery

Prosperity Peak economic activity

Increased wages and productivity

Last period of prosperity???

Recession Slowing economic activity

Unemployment increases

Production decreases

Assignment Create a recession in an industry or

product

Other than that industry or product what other industries will be effected directly? Indirectly?

Depression 2 consecutive quarters with negative

growth

High unemployment, Low production

Recovery Increase in productivity

Decreasing unemployment

Research Compare the depression in 1929 with

the depression beginning in 2008

Now compare the recovery process in 1939 with what the government is doing now.