GDP and Unemployment
The GDP is made up of investment spending, government spending, net exports, and this.
What is consumer spending?
The highest point in the business cycle is called what?
What is the peak or boom?
What are the four types of market structures?
What are perfect (pure) competition, monopolistic competition, oligopoly and monopoly?
What are the three types of business organizations that we studied?
What are sole proprietorship, partnership and corporation?
What is the CPI?
What is the Consumer Price Index?
If Sam, the expert video cassette maker, is unemployed recently due to the invention of DVDs, his unemployment is of this type.
What is structural?
The lowest point in the business cycle is called what?
What is the trough or slump?
What market structure has only one seller and is very hard to enter or exit?
What is monopoly?
What type of business organization is owned and operated by just one person?
What is sole proprietorship?
What is the study of the economics of a nation called?
What is macroeconomics?
The GDP does not include second hand sales to avoid doing this?
What is counting something more than once?
If the economy is in a recession, but the GDP slowly starts to increase what phase of the business cycle is the economy entering?
What is a period of recovery or growth?
What type of market structure has very few sellers, many buyers and is hard to enter and exit?
What is an oligopoly?
In which type or types of business organizations is unlimited liability a disadvantage?
What is sole proprietorship and partnership?
What is the difference between real GDP and nominal GDP?
What is nominal GDP does not take inflation in to account when it is calculated?
This type of unemployment mirrors the economy. So, if Julie is laid off from her job due to low GDP she is experiencing what kind of unemployment?
What is cyclical unemployment?
If the economy is doing very well, but he GDP starts to slowly go down what phase of the business cycle are you entering into?
What is a recession or a period of decline?
What type of market structure has many buyers and sellers, is easy to enter into or exit out of, and is similar to the market structure in the United States?
What is monopolistic competition?
If the Jones Brothers decide to go public and sell stocks or shares of their company, they are changing from what kind of business organization to what kind of business organization?
What is partnership to corporation?
What is the Federal Reserve's actions that change the money supply to influence the economy?
What is monetary policy?
Why would Will not be counted in the unemployment rate if he does not work, is not looking for a job and is in school full-time?
What is because full-time students are not counted in the unemployment rate?
Some of the characteristics of this phase of the business cycle are high GDP and low unemployment.
What is a peak or boom?
What market structure is not really found anywhere in the world today?
What is perfect or pure competition?
In what type of business organization do people have limited liability?
What is a corporation?
What would the Fed most likely do if inflation was really high?
What is make it harder for individuals and businesses to borrow money?