Economics

Warm Up:

What are the five different types of unemployment?

Measuring our EconomyTo see ECONOMIC GROWTH find:

• Gross Domestic Product (GDP):– The dollar amount of all final g&s produced

within a country’s national borders in one year. It measures our national output.

– There are four types of products that are excluded from the GDP; this tells us that it is not a true reflection of U.S. economic activity. Page 343 in your text, list, define and write exampleS of each one:

Start plotting points for the U.S. GDP

Years on the x-axis and $ on the y-axis.

Graphs of GDP

GDP Graph

More gdp graphs

What/Who makes up the GDP?

GDP = C + I + GThe supply of all products and services

Consumer Spending Investment

Spending

Government Spending

Sectors of the Economy

I. Consumer Sector:

a. the largest spending sector of the economy

b. a.k.a. the private sector (private citizens)

c. basic unit of this sector is the household

Sectors of the Economy

II. Investment Sector

a. a.k.a. the business sector

b. made up of proprietorships, partnerships, and corporations

Sectors of the Economy

III. Government Sector

a. a.k.a. the public sector

b. includes all local, state and federal levels of government

c. receives its incomes from taxes and spends for the good of the whole.

Homework

• Reading about the Federal Reserve Bank (the FED).

• Use your textbooks to answer the questions on the FED and also finding the amounts of coin and currency currently used in our country

• Top Ten –if time-

Top Ten Richest Countries

10. U.K.

9. Netherlands

8. Sweden

7. Switzerland

6. Denmark

5. Ireland

4. Iceland

3. Qatar

2. Norway

1. Luxembourg