Chapter 7
This number represents the market value of all final goods and services sold within an economy in a given period of time.
What is GDP?
These peer-led study sessions are tied to historically challenging courses and help students review material in a collaborative setting.
What is Supplemental Instruction?
“A list of specific goods and services in fixed quantities”
What is a market basket?
This circular frame keeps fabric taut while stitching, making embroidery easier and more precise
What is a hoop/ embroidery hoop?
Civilian noninstitutional population aged 16 years and older
What is the working age population?
This simple ratio shows the average production of a country per person.
What is GDP per capita?
CAPS stands for this full name and provides mental health support to OSU students.
What is counseling and psychological services?
“the theory that purchasing power in different countries should be the same when stated in a common currency”
What is purchasing power parity?
This textile art involves stitching together layers of fabric and batting, often in decorative patterns.
What is quilting
Full-time students
Stay at home parents
Unable to work due to disability
The rich who choose not to work
Retirees
Who are automatically excluded from UE calculations?
Expenditure
Income
Value-added
What are the 3 approaches to measuing GDP
Students with disabilities can access accommodations through this office.
What is Disability Access Services (DAS)?
This important economic measure is calculated as:
[(CPI Year 2 - CPI Year 1) / CPI Year 1] * 100
What is the inflation rate?
This embroidery stitch creates small, raised knots and is often used for flower centers.
What is a French knot?
(Labor Force / WAP ) * 100
What is the equation for labor force participation rate?
This term describes the GDP of a year calculated using the prices of a "base year" to compare actual growth while ignoring inflation.
What is real GDP
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What is the Econ Tutoring Lab?
The process of taking a price or other number and adjusting it to reflect value based on a "Base" year
What is deflating nominal variables
This fiber art uses a single hook to create loops and patterns with yarn or thread.
What is crochet
The narrowest classification of unemployment, those unemployed more than 15 weeks that are still capable and looking for work
What is U1 unemployment
This simple ratio describes the relationship between nominal and real GDP
What is the GDP Deflator?
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What is Volunteer Income Tax Assistance?
"Recalculating economic statistics to account for differences in price levels across countries"
What is PPP adjustment
This part of a sewing machine moves the fabric under the needle.
What is the feed dog?
The official unemployment rate
All 3:
•Didn’t work the prior week
•Were available to work if they had been offered a job
•They were making efforts to look for a job
What is U3 Unemployment