Standard: b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply.

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Standard: b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand. c. Explain how economic growth, inflation, and unemployment are calculated. Essential Question: How do we measure inflation? How is inflation misleading. Warm up: Use the internet. Find an article or site that talks about inflation rate. As a warmup jot down what you think inflation means.

 Types of unemployment  -Cyclical-Business cycle  -Structural-Skills  -Frictional  Labor force=employed+unemployed  Not in the labor force  Unemployment rate=unemployed/labor force