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Economic Indicators Chapter 2 Part 3 Pages 29 - 30.

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1 Economic Indicators Chapter 2 Part 3 Pages 29 - 30

2 Economic Indicators Economic Indicators are statistics that measure the economy for the entire country

3 Gross Domestic Product (GDP) The total value of all goods and services produced in a country in a year. http://www.econedlink.org/interactives/in dex.php?iid=204http://www.econedlink.org/interactives/in dex.php?iid=204 GDP from EconEdLink https://www.youtube.com/watch?v=zrID k0fwmd8 https://www.youtube.com/watch?v=zrID k0fwmd8 by EconGirl https://www.youtube.com/watch?v=Aiz6 P0EfybUhttps://www.youtube.com/watch?v=Aiz6 P0EfybU Understanding Gross Domestic Product https://www.youtube.com/watch?v=ihsN Scv24N8&playnext=1&list=PLD78467F B67B44C65&feature=results_mainhttps://www.youtube.com/watch?v=ihsN Scv24N8&playnext=1&list=PLD78467F B67B44C65&feature=results_main Top ten fastest growing economies

4 GDP Per Capita “Standard of Living” ❖ This is the total GDP for the country divided by the number of workers ❖ This statistic gives economists an idea of the average salary in the country ❖ This is an indication of how well people tend to live ❖ https://www.youtube.c om/watch?v=IHLFB85 kSAY Top ten growing economies https://www.youtube.c om/watch?v=IHLFB85 kSAY

5 GDP Per Capita

6 Consumer Price Index (CPI) ❖ The consumer price index measures the changes in prices of goods and services ❖ Example: the CPI shows if the cost of milk, cars, or houses are more or less expensive from month to month

7 Inflation When the average price of goods goes up sharply over a few months of time Inflation occurs when extra money is printed and inserted in the economy The higher the inflation, the lower the worth of a dollar bill Bean Auction Activity, https://www.youtube.com/watch?v=t_LWQQrpSc4https://www.youtube.com/watch?v=t_LWQQrpSc4 “Duck Tales Inflation Lesson” You can never get something for nothing. The duplicator doohicky is like the Fed pumping money into the economy. Stop at 4:00 to avoid the political statement. http://www.econedlink.org/interactives/index.php?iid=205http://www.econedlink.org/interactives/index.php?iid=205 Inlation from EconEdLink

8 Unemployment Rate The number of people who are looking for a job but unable to find work Does not include underemployed or people not actively looking for a job

9 Recession ❖ A recession is when statistics show unemployment to be rising, investments falling, and GDP decreasing over a long period of time (8 months). ❖ GDP Scavenger Hunt Worksheet

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