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Econ: Unit 6

QuestionAnswer
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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