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Econ: Unit 6
| Question | Answer |
|---|---|
| GDP stand for? | Gross Domestic Product |
| GDP definition | a sum of all goods and services produced within the U.S. during 1 fiscal year |
| omissions | things that aren't counted in the GDP |
| omissions: examples | products on black market, anything produced outside the U.S., intermediate goods, sale of used goods, transfer payments |
| transfer payments | charities, welfare checks, loans |
| sale of used goods | double counting |
| GDY stand for? | Gross domestic income |
| GDY definition | disposal of income(money leaving the economy) |
| GDP= | C+I+G+X |
| gdp equation for? | injection |
| gdy equation for? | leakages |
| GDY= | C+S+T+M |
| Leakages>injections= | recession |
| leakages<injections= | inflation |
| C in GDP | consumer spending |
| C in GDY | consumer spending |
| I in GDP | investment $$$ |
| G in GDP | government spending |
| X in GDP | exports |
| S in GDY | savings |
| T in GDY | taxing |
| M in GDY | imports |
| cyclical unemployment | unemployment driven by the business cycles |
| structural unemployment | technology comes in and people who don't know how to use it get replaced, company moves overseas, product becomes unpopular |
| seasonal unemployment | construction, landscape |
| technological unemployment | machines replace people |
| frictional unemployment | students just out of college w/o a job, people who quit a job to find a new one |
| tools for government policies | tax adjustments & government ependitures |
| expansionary pro | reduces unemployment |
| contractionary pro | reduces inflation |
| governments contribution to fixing economic problems of inflation/recession | contractionary & expansionary |
| internal debt | government debt owed to other U.S. governmental agencies & its citizens |
| external debt | government debt owed to foreign governments or individuals |
| most debt for U.S. is external or internal? | internal |
| 34% of government spending is on...... | social security & unemployment |
| civilian labor force includes: | anyone 16+ and is currently looking for a job |
| civilian labor force excludes: | prisoners, individuals in the military, and mental hospital patients |
| 24% of government spending is on.... | medicare and medicaid |
| 18% of government spending is on... | military |
| 7% of government spending is on ..... | interest on debt |
| most common form of unemployment | frictional |
| most impactful unemployment | structural |
| Keynesian theory | government intervention to stimulate the economy |
| new deal | made jobs, money circulated, Keynesian theory |
| involuntary unemployment, Keynesian or classical? | keynesian |
| classical theory | laissaz-faire principles apply |
| voluntary unemployment, Keynesian or classical? | classical |
| Expansionary policy | decrease taxes & increase government expenditures |
| contractionary policy | increase taxes & decrease government expenditures |
| how we pay off natonal debt | collecting taxes and increase external debt |
Created by:
kmmoline
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