1. Economic Indicators

2. Answer in a complete sentence
Success Criteria 3/30/2017
1.We can identify the meaning of economic indicators. 
2.We can compare and contrast the economic indicators. 
3.We can analyze text to understand the difference between an economic expansion and an economic recession.
4.We can evaluate the strength of the economy at different times by analyzing data.
Answer in a complete sentence
What is a mixed economy? What would America be like if we just had a market economy? What would it be like if we only had a command economy?

3. House Cleaning Economics HW is due Tuesday the 4th!!
With this extra time EVERYONE should have it done (one of your first grades for fourth quarter)
No Unit 6 Test – Quiz Tomorrow!
Quiz next Thursday April 6th
My gradebook is closing Today!
Notebook Quiz from 3/3
Unit 5 Exam
7 more school days until break, so don’t act like a clown

4. How do we know if our economy is doing well
How do we know if our economy is doing well? How do you think the economy is doing? Why do you think that?

5. Mixed Economy
Which type of economy does the United States have? What are the characteristics of this?
System where businesses and property are owned by citizens, BUT they are regulated by the government

6. Business Cycle All economies go through periods of growth and decline
Expansion is when the economy is growing
Recession is when the economy is shrinking

7. How Do We Measure the Economy?
We use the Gross Domestic Product, or GDP
GDP is the total value of all goods and services made within a country in a year.
The higher your GDP, the better your economy is doing (based on the size of your country)

8. Ford is an American company, and it makes its cars in America
Samsung is a Korean company, and it makes its phones in Korea

9. So, the more things made in your country, the higher your GDP
Apple is an American company, and it makes its phones in China
So, the more things made in your country, the higher your GDP

10. So, the more things made in YOUR country, the higher your GDP
Pennzoil is an American company, and it pumps oil from Saudi Arabia
So, the more things made in YOUR country, the higher your GDP

12. Pedro just recently retired and his enjoying all of his free time.
Unemployment Rate
The number of people who do not have a job who are LOOKING for a job
5% is OK, but more than 10% unemployment is BAD
Larry is 25 years old and was laid off from his job. He spends his time searching classified ads for a new one.
Pedro just recently retired and his enjoying all of his free time.
Brenda has become frustrated about not finding a job, so she has given up.
Counts!
Does not count!
Does not count!

13. CPI Measures the average price of consumer goods
If the CPI goes UP, it means goods are getting more expensive
This is called INFLATION
Some inflation is OK, but too much is bad

14. Expansion Recession GDP is going up Unemployment is going down
People spend money and businesses make more things
GDP is going down
Unemployment is going up
People don’t spend money and businesses stop making things

15. Business Cycle
Expansion
Recession

16. Business Cycle
Expansion
Recession

17. Business Cycle
Inflation
Deflation

18. Business Cycle
Inflation
Deflation

19. Business Cycle
Recession
Expansion

20. Recession and Expansion

21. Quick 5 3/30
During which years is this economy experiencing a recession? How do you know?
During which years is this economy experiencing an expansion? How do you know?
What would it have been like to graduate from high school in 1980? How would the economy have affected your search for a job?