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