3'03Explain economic measurements and the business economic cycle - PowerPoint PPT Presentation
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3'03Explain economic measurements and the business economic cycle
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Expansion- highest period of economic growth. Recession- economic slowdown. Depression- prolonged recession. Recovery- renewed economic growth ... – PowerPoint PPT presentation
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Title: 3'03Explain economic measurements and the business economic cycle
1
3.03 Explain economic measurements and the
business (economic) cycle
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Labor Productivity
- The amount produced per worker measured during a
specific time period - Example Packing computers
3
Gross Domestic Product (GDP)
- A measure of the goods and services produced IN a
country.
4
Gross national product (GNP)
- The sum of the dollar value for products produced
BY a country - Example Briggs and Stratton
5
Standard of Living
- Amount of goods and services available
- Example United States vs. Ethiopia
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Inflation Rate
- The rate at which prices are rising
- Stable rate- 1-5 inflation rate per year
- Interest rates- the government tries to
discourage borrowing money by raising interest
rates
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Unemployment Rate
- Total number of people willing/able to work
- Number of unemployed workers
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Business Cycle
- Expansion- highest period of economic growth
- Recession- economic slowdown
- Depression- prolonged recession
- Recovery- renewed economic growth
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