1. Chapter 15 Gross Domestic Product ● Statistics ______________________________________ ______________________________________ ● What does GDP stand for? ________________ ______________ ________________ ● Measures the total ___________ value of the final _____________ and ______________ produced in a country each ______________

2. How is GDP calculated? ● The price that is counted into GDP is the _____________ price of the good or service. ● Example: A loaf of bread costs __________. – This is the price added to the GDP – Prices that went into making the bread such as ________________________________________ are included in the final price.

3. Page 195 1-4 ● 1. __________________________________ ● 2. ______________________________________ ______________________________________ ● 3. ______________________________________ ______________________________________ ● 4. ________________________

4. What does GDP mean to us? ● Used to determine the ________________ of the country. ● If GDP is up: More __________ and _________ are being produced. There are more _____________ and consumers can ___________ more. ● What if the GDP is down?

5. Inflation ● To judge how much the GDP has gone up, it must be adjusted for ________________. ● Inflation: ______________________________________ ______________________________________ ● Example: ● Real GDP: Takes ________________ into account. Only real ______________ in production are measured.

6. Page 196 1-3 ● 1. _________________ ● 2.__________________ ● 3.__________________

7. The ups and downs of the business cycle ● Business cycle : ______________________________________ ______________________________________ – Expansion = __________________________ ● At the ______________ period, production is at a high point. ● It also marks a _______________- ________________

8. ● Contraction = When things start to _________ down. – Can also be called a _____________________ ● The low point of the cycle is called a ________________ – What happens during a recession? _________________________________________ _________________________________________ _________________________________________ – If the recession is extremely bad and lasts a long time, it is called a ________________________ – Have you heard of this before?

9. Label the following graph

10. Page 199 1-5 ● 1.____________________________________ ● 2.____________________________________ ● 3_____________________________________ ● 4.____________________________________ ● 5.____________________________________

11. The Great Depression ● When was it ? _______________________ ● Why did stock prices fall? ______________________________________ ______________________________________ ● Pg. 202-203 1-10