Name Economics: Unit Three Study Guide Unit One Standards
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1 Name Economics: Unit Three Study Guide Unit One Standards Macroeconomic Concepts: SSEMA1 Illustrate the means by which economic activity is measured. a. Identify and describe the macroeconomic goals of steady economic growth, stable prices, and full employment. b. Define Gross Domestic Product (GDP) as the sum of Consumer Spending, Investment, Government Spending, and Net Exports (output expenditure model). c. Define unemployment rate, Consumer Price Index (CPI), inflation, real GDP, aggregate supply and aggregate demand and explain how each is used to evaluate the macroeconomic goals from SSEMA1a. d. Give examples of who benefits and who loses from unanticipated inflation. e. Identify seasonal, structural, cyclical, and frictional unemployment. f. Define the stages of the business cycle, including: peak, contraction, trough, recovery/expansion as well as recession and depression. SSEMA2 Explain the role and functions of the Federal Reserve System. a. Explain the roles/functions of money as a medium of exchange, store of value, and unit of account/standard of value. SSEPF3 Explain how changes in taxation can have an impact on an individual s spending and saving choices. a. Define progressive, regressive, and proportional taxes. b. Explain how an increase in sales tax affects different income groups. c. Explain the impact of property taxes on individuals and communities. SSEPF6 Describe how the earnings of workers are determined in the marketplace. b. Explore job and career options and explain the significance of investment in education, training, and skill development as it relates to future earnings. Word Definition Provide an Example (Sentence) Money (p. 243) Medium of Exchange (p. 243) Unit of Account (p. 244) Store of Value (p. 244) Gross Domestic Product GDP (p. 301)
2 Nominal GDP (p. 304) Real GDP (p. 304) Aggregate Supply (p. 307) Aggregate Demand (p. 307) Business Cycle (p. 310) Expansion (p. 310) Economic Growth (p. 310) Peak (p. 310) Contraction (p. 310) Trough (p. 311) Recession (p. 311) Depression (p. 311) Stagflation (p. 311)
3 Frictional Unemployment (p. 331) Seasonal Unemployment (p. 332) Structural Unemployment (p. 332) Cyclical Unemployment (p. 333) Unemployment Rate (p. 334) Full Employment (p. 335) Underemployment (p. 335) Discouraged Worker (p. 336) Inflation (p. 338) Consumer Price Index CPI (p. 339) Market Basket (p. 339) Inflation Rate (p 340) Hyperinflation (p. 341)
4 Deflation (p. 343) Tax (p. 359) Revenue (p. 359) Individual Income Tax (p. 360) Sales Tax (p. 360) Proportional Tax (p. 361) Progressive Tax (p. 361) Regressive Tax (p. 361) Property Tax Review Questions: 1. What does GDP stand for, and what is the equation used to calculate GDP? 2. You go to the store and buy a new I-Pod. What part of GDP would this fall under? 3. You own a store and decide to buy new cash registers. What part of GDP would this fall under? 4. McEachern buys 1,000 new textbooks. What part of GDP would this fall under?
5 5. The Nixon Law Firm buys 100 bottles of wine from France. What part of GDP would this fall under? 6. The German professional soccer team decides to buy Harley Davidson motorcycles from Milwaukee, Wisconsin (USA). What part of our (USA) GDP would this fall under? 7. What are the three functions of money? 8. A French champagne company decides to open a factory in GA. Would their champagne count towards the US GDP or France s GDP? Explain. 9. What is the difference between real and nominal GDP? 10. List and explain all sections of the business cycle. 11. What factors can shift the aggregate demand curve? 12. What factors can shift the aggregate supply curve? 13. How do you find real GDP per capita? 14. Sam decides to quit his job at Target to look for a job. Sam is unemployed. 15. Terry lost his job as a VCR repairman because people no longer use VCRs. Terry is unemployed. 16. Jim lost his job because the country is in a recession. Jim is unemployed. 17. What is the difference between a recession and a depression? 18. Jerry is 18 and refuses to get a job. Would he be unemployed? Explain. 19. How would I calculate the unemployment rate? 20. How do I calculate the inflation rate?
6 21. How does inflation help and hurt certain people? Provide examples.
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