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Week 4 TDA 2 terms and concepts to use

Week 4 TDA 2 terms and concepts to use - Week 4 TDA 2 1 The...

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Week 4 TDA 2 1. The Circular Flow model, see page 39 of the text a. How CELL works in the Resource Market flow b. Who are the 4 participants in the economy: Consumer, Business, Government, Foreign Sector c. What each of these 4 participants do: earn income, buy goods and services, save or dissave and all but government pay taxes d. How does the Money Flow work? 2. Define GDP 3. What is included, counted, in GDP? 4. What is not counted in GDP? 5. What is REAL GDP compared to Nominal GDP? a. How do we find REAL GDP? 6. List, define, and relate the Income Measurement components of GDP to CELL: a. Wages, Rent, Interest, Profits b. National Income c. Indirect Business tax d. Net Domestic Product e. Depreciation f. GDP 7. List, define and relate the Expenditure components of GDP: a. Consumption i. How does this relate to Personal Income, Government Income, Taxes? b. Gross Private Domestic Investment i. How does this relate to Savings? ii. How does Depreciation fit in?
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