Economic Indicators
Measures the number of people who are able and willing to work but cannot find work during a given period.
Unemployment Rate
The current US economy is based on this.
What is Information?
There are this many districts in the Federal Reserve System.
What is 12?
the top of the business cycle
what is the peak?
The total amount of money the government owes.
What is National Debt?
The level of material comfort as measured by the goods and services that are available.
What is the Standard of Living
Mid 1850's, the industrial revolution enabled the advent of big machines for producing goods.
What is an Industry-Based Economy?
The federal reserve does this, which most affects inflation?
What is print more money?
Another word for depression.
What is decline?
Because the US has a very high GDP compared to some countries, it has a high standard of living
True
The total value of all the goods and services produced in a country in a given year.
What is Gross Domestic Product
Early colonists bartered or traded goods and services
What is a service based economy?
A job that the federal reserve does not have.
The period after a recession or a depression.
What is Recovery
a general increase in the price of goods and services.
What is Inflation
Economic Indicators measure...
How much a country is growing
Whether its economy is growing
How the economy compares to other countries
1700s Farming was a common way of life
What is Agriculture-based Economy?
When the Fed sets high interest rates and stops printing money.
What is contractionary/tight money policy?
Low wages, high unemployment, and the shutdown of production and other jobs characterize this part of the business cycle.
What is a Depression
What are lower prices?
Name 4 Economic Indicators
Unemployment, Inflation, GDP, Standard of Living, CPI
1929 to 1933, GDP decreased nearly 50% and unemployment rose more than 800%
What is the start of the Great Depression?
Lowering interest rates during a time of inflation would likely...
What is increase inflation?
This helps businesses sell more products, be more efficient, and get out of a recession or depression.
What is innovation?
Explain how the business cycle "ebbs and flows" and how it also is like a "ripple effect"
ebb and flow = wave
Ripple effect = global effect of depressions