Economic Growth
How is Economic Growth determined?
Gross Domestic Product (GDP)
What are the four main phases of a Business Cycle? In the correct order.
Expansion, Peak, Recession, and Recovery
What does GDP stand for?
Gross Domestic Product
What does GNI stand for and GNP stand for? What are there Differences?
Gross National Income and Gross National Product
GNI deals with the income of foreign company's and GNP deals with the output of foreign company's
What happens during the Expansion Phase and Peak Phase?
Expansion: Increase in employment, incomes, production, and sales. Economy has a steady flow of money. Debts are paid on time.
Peak: Economy reaches its highest level of growth.
What are the three Methods that a GDP can be determined?
Expenditure Approach, Output Approach, Income Approach
Exports because they are manufactured in the country. While Imports aren't because they were made overseas.
What happens during the expansion phase and a recession?
Gross Domestic Product rises and Unemployment decreases during the expansion phase. GDP decreases and Unemployment increases during a recession
How do businesses utilize the GDP?
Used as a guide to see which is the best to expand their production and other business ventures;
How does the US measure their economic growth?
US Currency, Also Higher Market Value is considered more valuable, higher economic growth is positive.
Three Answers Needed
Government
Legislative
Fiscal Policy
What was the US GDP for the third and fourth quarter of 2018?
%3.4 Third Quarter
%2.6 Fourth Quarter