THE GRAPH
What do we call the point where the supply & demand curves meet?
Equilibrium
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?
Civilian noninstitutional population aged 16 years and older
What is the working age population?
EQ price has gone up, and EQ quantity down!
What shift likely occurred?
Supply has decreased!
How does this differ from an increase in price? What would we call the effects of a price change?
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?
Full-time students
Stay at home parents
Unable to work due to disability
The rich who choose not to work
Retirees
Who are not included in labor force
Something has caused quantity supplied to decrease.
We can say there has been a ______ the supply curve.
Movement along.
- What caused this?
- Will things stay like this forever?
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?
(Labor Force / WAP ) * 100
What is the equation for labor force participation rate?
A change in the market has increased EQ quantities, but the impact on EQ prices is unknown.
What two shifts likely occurred?
Supply & demand both up.
How do we know?
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
This resource in Bexell offers free tutoring for THIS VERY CLASS
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
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
The chicken that goes into dog food has increased in price exponentially; impacting dog food companies enormously.
However, slightly more people are adopting pets compared to previous years.
How will these two things impact EQ price & EQ quantity of dog food?
EQ price UP
EQ quantity DOWN
- Big supply decrease, paired w/ large demand decrease
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
How long must an individual go without looking for work to be considered a "discouraged worker"?
4 weeks!
Are they still counted in the unemployment rate?