CHAPTER 12 & 13 ECONOMIC PERFORMANCE. GROSS DOMESTIC PRODUCT TOTAL DOLLAR VALUE FINAL GOODS AND SERVICES NEW ONLY.

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Presentation transcript:

CHAPTER 12 & 13 ECONOMIC PERFORMANCE

GROSS DOMESTIC PRODUCT TOTAL DOLLAR VALUE FINAL GOODS AND SERVICES NEW ONLY

GDP EXPENDITURE MEASUREMENT CONSUMER GOODS AND SERVICES PURCHASED + BUSINESS GOODS PURCHASED + GOVERNMENT GOODS + NET EXPORTS

GDP INCOME MEASUREMENT WAGES + INTEREST + RENTS + BUSINESS PROFIT

INFLATION RISE IN GENERAL PRICE LEVEL –DEFLATION?

CAUSES OF INFLATION DEMAND-PULL COST-PUSH WAGE-PRICE SPIRAL EXCESSIVE MONETARY GROWTH

EFFECTS OF INFLATION PURCHASING POWER DOWN SPENDING HABITS SPECULATION INCREASE DISTRIBUTION OF INCOME

MEASURING INFLATION CONSUMER PRICE INDEX –MARKET BASKET PRODUCER PRICE INDEX EMPLOYMENT COST INDEX INTERNATIONAL PRICE PROGRAM

Aggregate Supply and Aggregate Demand

BUSINESS CYCLE PEAK/BOOM CONTRACTION TROUGH EXPANSION

RECESSION vs. DEPRESSION

BUSINESS FLUCTUATIONS INVESTMENT GOVERNMENT ACTIVITY EXTERNAL FACTORS PSYCHOLOGICAL FACTORS

IN THE WORKFORCE LABOR FORCE –OVER 16 –LOOKING FOR JOB

NOT IN THE WORKFORCE DISABLED ILL HOMEMAKER RETIREE DISCOURAGED UNDEREMPLOYED

FIGURING UNEMPLOYMENT UNEMPLOYMENT RATE ____________________ LABOR FORCE PARTICIPATION RATE

TYPES OF UNEMPLOYMENT FRICTIONAL –seasonal STRUCTURAL CYCLICAL

UNEMPLOYMENT BENEFITS Who is eligible?

Poverty Rate Income distribution Income gap Anti-poverty policies –Earned Income Tax Credit –Employment Assistance –Housing Assistance –Welfare Reform