Chapter 3 Economic Activity in a Changing World

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Presentation transcript:

Chapter 3 Economic Activity in a Changing World 3.1 U.S. Economic History

The Changing U.S. Economy 4 Major Economic Shifts 1600’s: Service-Based Economy 1700’s: Agricultural-Based Economy 1850’s: Industrial-Based Economy 1900’s: Information-Based Economy All of these economies still contribute to today’s economy.

Measuring Economic Activity Economic Indicators: figures used to measure economic performance. How much a country is producing If the economy is growing How it compares to other economies Gross Domestic Product (GDP): the total value of goods and services produced in a country in a given year. To calculate GDP, economists find the sum of goods and services sold to businesses, consumers, the government, and other countries.

Gross domestic product 2010 (in millions : US dollars) 1. United States 14,582,400 2. China 5,878,629 3. Japan 5,497,813 4. Germany 3,309,669 5. France 2,560,002 6. United Kingdom 2,246,079 7. Brazil 2,087,890 8. Italy 2,051,412 9. India 1,729,010 10. Canada 1,574,052

Standard of Living Standard of Living: the level of material comfort as measured by the goods and services that are available. The more goods and services produced per person, the higher the standard of living. The U.S. has a high standard of living mostly because of its productive workforce.

Unemployment Rate Unemployment Rate: measures the number of people who are able and willing to work but cannot find work during a given period. Factored in? Yes or No Stay-at-home mother Laid-off factory worker looking for a new job. High school student

Rate of Inflation Inflation: a general increase in the price of goods and services. Goods and services cost more over time. Deflation: a general decrease in the price of goods and services. Goods and services cost less over time.

National Debt Government income comes mostly from taxed. Governments spends tax money for things such as defense, education ,and social security. Budget Deficit: when the government spends more money on programs than it collects in taxes. National Debt: the total amount of money a government owes. Budget Surplus: when the government spends less money on programs than it collects in taxes.

Homework Ch. 3 Definitions-Packet (Save to S:Drive) Chapter 3-1 Reading Activity and 3-1 Graphic Organizer (Save to S:Drive) Review questions on page 42, 1-3

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