GDP
What is GDP
All the final goods and services produced within a country in a given year.
what is the natural rate of unemployment
4-6%
what is inflation
increase in the currency supply relative to the number of people using it.
name one movie nomiated this year for best movie at the Oscars awards show
One Battle After Another taking the top title. Other nominated films include Bugonia, F1, Frankenstein, Hamnet, Marty Supreme, The Secret Agent, Sentimental Value, Sinners, and Train Dreams
How much do we want GDP to grow at
2-3%
What is real GDP
GDP adjusted for inflation
the type of employment caused by a recession
Cyclical
what is the natural rate of unemployment
4-6%
This american state has one of the largest GDP's in the world, beating all but a few countries
California
How much inflation do we want?
1-2%
Which 3 countries have the highest GDP
US, China, Japan
type of unemployment caused by lack of demand for labors work
structural
The amount of power money gives you is called what
purchasing power
Name the 4 most populated US cities
NY, LA, chicago, Houston
Market basket of goods that shows how prices have risen over time
CPI or consumer price index
What is a recession
6 months GDP goes down in a row
type of unemployment caused by being between jobs or job to job.
frictional
The ups and downs of any economy over time is called what?
Business cycle
what year did Tik tok launch internationlly
2017
Type of inflation when one resource is scare; causing the prices of most goods to rise
Cost Push inflation
When GDP is rising; the economy is in a....
Expansion
workers that give up looking for a job are called what
discouraged workers
Name a country besides Venezuela that has experienced high inflation recently
Greece or Zimbabwe
This team just won the world baseball classic, its a country
Venezula
Type of inflation where too much money chasing too few goods.
Demand pull inflation