Gross Domestic Product

Gross Domestic Product - Econ 4.3 Wednesday, February 8,...

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Unformatted text preview: Econ 4.3 Wednesday, February 8, 1999 Announcements: The online quizzes are up on the webpage. They are worth a maximum of 10 points each. You need a 70% or higher to get the points and you can take it up to three times. Homework assignment #2 is up on the web. It is due Friday, February 12. Lecture notes: Gross Domestic Product Rising prices cause a rise in the money value of the GDP There has been a rise in the GDP in the US, but it hasn't been smooth Fluctuations in GDP GDP rises and falls over short spans of time At any point intime, it may be above or below its long run to end These fluctuations define the business cycle Peak: the beginning of a recession Trough: the beginning of expansion Trend line: average of the fluctuations Unemployment Unemployment rate: percent of people in labor force unable to find a job (about 4%) Labor Force: people either employed or actively seeking a job Unemployment Rate Calculation Labor Force = The employed + the unemployed...
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Gross Domestic Product - Econ 4.3 Wednesday, February 8,...

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