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Presentation transcript:

Begin Nicksey Cruz Period 2

$100 $200 $300 $400 $500

C1-$100 Capital goods

C1-$200 GDP: is the total value of all final goods and services produced in the economy during a given year

C1-$300 Inflation Rate: the inflation rate is the percent change per year in a price index-typically the consumer price index

C1-$400 Stagflation: is the combination of inflation and stagnating aggregate output

C1-$500 Automatic Stabilizer

BUSINESS CYCLE

C2-$200 unattainable Unemployment

C2-$300 Which graph will display an increase in unemployment? A.)B.)

C2-$400

C2-$500

C3-$100 1.Land 2.Labor 3.Capital 4.Entrepreneurship

C3-$200 1.Promote Economic growth 2.Prevent unemployment 3.Keep prices stable(limit inflation)

1.Frictional unemployment 2.Structural unemployment 3.Cyclical unemployment

C3-$400 Shifters of AGGREGATE DEMAND

C3-$500 The third component is 3. An increase in Aggregate Demand will result in inflation only if economy is approaching physical capacity

C4-$100 What is the formula for finding marginal unit cost? How much each marginal cost= Opportunity cost Units Gained

C3-200 %change in GDP= Year 2- Year 1 Year 1 x 100

C3-$300 Unemployment Rate= Unemployment Labor Force X100

C3-$400 MPC: Change in consumption Change in disposable Income MPS: Change in Saving Change in Disposable Income

C3-$500 Multiplier= Change in real GDP Initial change in Spending

C4-$100 Flash DrivesChocolate U.S.A42 Germany46 NEITHER COUNRTY HAS ABSOLUTE ADVANTAGE IN FLASH DRIVES

C4-$200 Flash DrivesChocolate U.S.A42 Germany46 U.S.A has comparative advantage in flash drives

C4-$300 $40 billion

C4-$400 $125 billion

C4-$500 Increase by $200 billion

C4-$100 Quantity demand rises

C4-$200 What will happen if… the government increases taxes more than necessary to close an inflationary gap. The economy might face a possible recession

C4-$300 There will be an outward shift in aggregate demand

C4-$400 In long run, price level increase BUT GDP does not!

C4-$500 Aggregate Demand will not increase more than the spending