1. Define GDP and explain why the value of production, income, and expenditure are the same for an economy. A.GDP Defined 1. Value Produced 2. What Produced 3. Where Produced 4. When Produced B.Circular Flows in the U.S. Economy 1. Consumption Expenditure 2. Investment 3. Government Expenditure on Goods and Services 4. Net Exports of Goods and Services 5. Total Expenditure 6. Income C.Expenditure Equals Income 2. Describe how economic statisticians measure GDP and distinguish between nominal GDP and real GDP. A.The Expenditure Approach 1. Expenditures Not in GDP B.The Income Approach 1. Wage Income 2. Interest, Rent, and Profit Income 3. From Factor Cost to Market Price 4. From Net to Gross 5. Statistical Discrepancy C.GDP and Related Measures of Production and Income 1. Gross National Product 2. Disposable Personal Income D.Real GDP and Nominal GDP E.Calculating Real GDP F. Using the Real GDP Numbers 3. Describe the uses of real GDP and explain its limitations as a measure of the standard of living. A.The Standard of Living Over Time B. Tracking the Course of the Business Cycle C. The Standard of Living Among Countries D.Goods and Services Omitted from GDP 1. Household Production 2. Underground Production 3. Leisure Time 4. Environment Quality E.Other Influences on the Standard of Living 1. Health and Life Expectancy 2. Political Freedom and Social Justice
1. Define the unemployment rate and other labor market indicators. A.Current Population Survey B.Population Survey Criteria C.Two Main Labor Market Indicators 1. The Unemployment Rate 2. The Labor Force Participation Rate D.Alternative Measures of Unemployment 1. Marginally Attached Workers 2. Part-Time Workers 2. Describe the trends and fluctuations in the indicators of labor market performance in the United States. A.Unemployment Rate B.The Participation Rate 3. Describe the sources and types of unemployment, define full employment, and explain the link between unemployment and real GDP. A.Frictional Unemployment B.Structural Unemployment C.Cyclical Unemployment D.“Natural” Unemployment 3. The Real Wage Rate 4. Unemployment Benefits
1. Explain what the Consumer Price Index (CPI) is and how it is calculated. A.Reading the CPI Numbers B.Constructing the CPI C.The CPI Market Basket D.The Monthly Price Survey E.Calculating the CPI F. Measuring Inflation and Deflation 2. Explain the limitations of the CPI and describe other measures of the price level. A.Sources of Bias in the CPI 1. New Goods Bias 2. Quality Change Bias 3. Commodity Substitution Bias 4. Outlet Substitution Bias B.The Magnitude of the Bias C.Two Consequences of the CPI Bias 2. Increases in Government Outlays and Decreases in Taxes D.Alternative Measures of the Price Level and Inflation Rate 1. GDP Price Index 3. Adjust money values for inflation and calculate real wage rates and real interest rates. A.Dollars and Cents at Different Dates B.Nominal and Real Values in Macroeconomics C.Nominal GDP and Real GDP D.Nominal Wage Rate and Real Wage Rate E.Nominal Interest Rate and Real Interest Rate
1. Explain what determines potential GDP. A.The Three Main Schools of Thought 1. Classical Macroeconomics 2. Keynesian Macroeconomics D.Potential GDP E.The Production Function F. The Labor Market 1. The Demand for Labor 2. The Supply of Labor 3. Labor Market Equilibrium 4. Full Employment and Potential GDP 2. Define and calculate the economic growth rate, and explain the implications of sustained growth. A.Calculating Growth Rates B.The Magic of Sustained Growth 3. Identify the main sources of economic growth and explain the growth process. A.Labor Productivity B. Saving and Investment in Physical Capital 1. Capital Accumulation and Diminishing Marginal Returns 2. Illustrating the Law of Diminishing Marginal Returns C.Expansion of Human Capital and Discovery of New Technologies D.Combined Influences Bring Labor Productivity Growth 4. Describe the policies that might speed economic growth. A.Preconditions for Economic Growth 1. Economic Freedom 2. Property Rights 3. Markets B.Policies to Achieve Faster Growth 1. Create Incentive Mechanisms 2. Encourage Saving 3. Encourage Research and Development 4. Encourage International Trade 5. Improve the Quality of Education
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