ECONOMICS EOC Wrap-up!

Final Unit Packet: Due day of EOC 1.Government Debt and Deficit 2.GDP Guided Notes 3.Everybody Loves Taxes! 4.International Trade 5.EOC Study Guide 6.All remaining BRs 7.LOQs 1.Government Debt and Deficit 2.GDP Guided Notes 3.Everybody Loves Taxes! 4.International Trade 5.EOC Study Guide 6.All remaining BRs 7.LOQs

Macroeconomics Terms  Business cycle: Recurrent swings in real GDP which include several phases: peak, contraction, trough, recovery and expansion.  Inflation and purchasing power: As inflation increases, money is worth less. As a result, prices increase and purchasing power (the amount of goods one can purchase with the same dollar amount as the year prior) decreases.  Business cycle: Recurrent swings in real GDP which include several phases: peak, contraction, trough, recovery and expansion.  Inflation and purchasing power: As inflation increases, money is worth less. As a result, prices increase and purchasing power (the amount of goods one can purchase with the same dollar amount as the year prior) decreases.

Macroeconomics Terms  GDP per capita: Gross domestic product/number of people in a country. Gives a better indication of quality of life for individuals in a country than regular GDP.  Keynesian Economic Theory: Governments must sometimes intervene to help balance/regulate the economy. They can do this through increased spending to help stimulate the economy during a recession.  Tools of the Federal Reserve System: There’s a few…but all you need to know for the EOC is open market operations, which is when the Fed buys or sells government bonds to impact the money supply.  GDP per capita: Gross domestic product/number of people in a country. Gives a better indication of quality of life for individuals in a country than regular GDP.  Keynesian Economic Theory: Governments must sometimes intervene to help balance/regulate the economy. They can do this through increased spending to help stimulate the economy during a recession.  Tools of the Federal Reserve System: There’s a few…but all you need to know for the EOC is open market operations, which is when the Fed buys or sells government bonds to impact the money supply.