GDP and The Economy
The total market value of all goods and services produced in the country or state
Gross Domestic Product (GDP)
The unemployed amount divided by the labor force
Calculating unemployment (unemployment rate)
Government decisions about spending and taxation
Fiscal Policy
The Federal Reserve controls the economy
Monetary Policy
Their goal is to raise the minimum wage for fast food workers
Fight for $15
An indicator may be a strong and healthy economy
Stable/Good GDP
Those employed and unemployed, but searching for a job
The labor force
Congress and The President
Who controls fiscal policy?
To control the money supply and interest rates
The goal of Monetary Policy
Defined as the fight for fair wages, job security, and workers rights
Worker Justice and Unemployment
Economic growth, price stability and low unemployment
Three goals of an economy
The measurement of how prices change over time
Consumer Price Index (CPI)
Fiscal Policy to help the economy grow
Expansionary Policy
When the stock market crashed and the banks failed
The Great Depression
One of the leading groups in the fight for affordable housing and poverty reduction
Habitat for Humanity
Adjusted GDP with consideration of economic, social and environmental costs/ benefits
Genuine Progress Indicator (GPI)
For example, Jim was laid off at Dunder Mifflin when they bought a software system to sell paper.
Structural Unemployment
Fiscal Policy to slow down inflation
Contractionary Policy
Happens when the Fed raises interest rates or reduces money supply
Inflation
To speak up for groups of people and try to change policies that affect them
The goal of economic social groups
For example, the GDP dropped 2 years in a row
A Recession
For example, Jordan worked at Meijer for 4 years, but is now moving to Florida, so looking for a job at Piggly Wiggly.
Frictional Unemployment
Time period when the government has to spend more money to create jobs and boost the economy
Recession
To fix it, The Fed lowered interest rates and increased the money supply to boost markets
The Great Recession
Defined as advocating for ethical business practices, sustainability and transparency
Anti-Corporation and Socially Responsible Businesses