Exam (elaborations)
F 1 ECONOMISTS GROWTH GROSS DOMESTIC UNEMPLOYMENT FACTORS THAT AFFECT GROWTH. GDP GNP
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F 1 ECONOMISTS GROWTH GROSS DOMESTIC UNEMPLOYMENT FACTORS THAT AFFECT GROWTH. GDP GNP
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F 1 ECONOMISTS GROWTH GROSS DOMESTICUNEMPLOYMENT FACTORS THAT AFFECT GROWTH.
GDP GNP
Economic indicators are - answer- gross domestic product
unemployment
measure economic growth by gdp or
Gross Domestic Product - answer- Economic growth is measured by GDP the output of
a given economy in a given year.
When GDP increases the economy is growing
When GDP decreases, the economy is shrinking
GDP measures output amout of goods and servcices produce of a nations economy by
adding up all the final goods services produce in its quarters regardless of capital labor
GDP can never negative
it can be shrinking which is a neg. growth rate.
GDP per capita measures a natons GDP person - answer- determined by dividing the
total GDP by the number of citizens
Helps compare the performance of nations
two natiaonl or reginal economies
comaprer
fl 30-35 dollars
washington 45-50 in 2006
Gross National Product
Gross national prodcut GNP measures the output of a nation's citizens - answer-
includes domestically owned businessess outside a country
Excludes foreign-owned businesses inside a country
GDP total prodcuton in US
if there a factor mexico doesnt count not in usa
but GNP does
, Measuring GDP
Annual Growth in US Private-Sector GDP
How did the contribution of the goods-producing sector to GDP growth change between
2010 and 2011?
It fell by 0.3%.
It fell by 2.3%.
It rose by 2.3%.
It rose by 0.6%. - answer- It fell by 2.3%.
Growing and shrinking economies
Growing economy GDP rising positive growth rate - answer- people business spending
money
firms will hire workers
Growing and shrinking economies - answer- GDP declining negative growth rate
high enployment low output
people spending less harder to find job
Unemployment - answer- occurs when an individual is actively looking fora job but is
unable to find work.
doesnt just mean people that dont have job it inlcudes peoplea that want one
Unemployment - answer- Unemployment rate =
unemployed workers divide that number by
_______________________
number of workers in the labor force
Lack of capacity
Low Demand - answer- Low demand for a nation's exports
Low domestic demand
inability of citizens to purchase goods
Lack of Capacity - answer- Shortage of workers with the right skills
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