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Understanding Economic Indicators: Business Cycle, Unemployment, and Government Insights

This article explores key economic indicators including Gross Domestic Product (GDP), inflation rate, and unemployment types. It explains the phases of the business cycle—peak, recession, recovery, and trough—and how they influence economic performance. The impacts of aggregate demand and how government actions, such as taxation and national debt, affect the economy are analyzed. By understanding these indicators, readers can gain insights into economic health and living standards.

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Understanding Economic Indicators: Business Cycle, Unemployment, and Government Insights

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  1. Economic Indicators Business Cycle Unemployment Government Miscellaneous 1pt 1 pt 1 pt 1pt 1 pt 2 pt 2 pt 2pt 2pt 2 pt 3 pt 3 pt 3 pt 3 pt 3 pt 4 pt 4 pt 4pt 4 pt 4pt 5pt 5 pt 5 pt 5 pt 5 pt

  2. The total value of goods and services produced in a country in a given year is

  3. Gross Domestic Product (GDP)

  4. An increase in the general cost of goods and service

  5. Inflation Rate

  6. What is the term for figures used to measure an economic performace?

  7. Economic Indicators

  8. Full employment refers to a time period when _____% is employed

  9. 94 – 100% people are employed

  10. The total planned expenditures (demand) in the entire economy is called…

  11. Aggregate Demand

  12. Level of economic activity is at its highest

  13. Peak

  14. People will cut back on spending during the _____ phase of the business cycle

  15. Recession/ Contraction

  16. The harsh economic conditions experienced in the US during the 1930s were an example of a _____

  17. Depression

  18. A rise in business activity after a recession or depression is called ________

  19. Recovery / expansion

  20. Draw & label the business cycle on the white board

  21. True or False? Unemployment is caused by downsizing

  22. True

  23. Unemployment caused by changes in the economic system (new equipment, etc.)

  24. Structural unemployment

  25. Unemployment caused by changes in the weather

  26. Seasonal Unemployment

  27. Unemployment caused by searching for a new job

  28. Frictional Unemployment

  29. Unemployment caused by fluctuations in the business cycle

  30. Cyclical Unemployment

  31. The total amount of money a government owes is what?

  32. National debt

  33. The government gets money or income from…

  34. Taxes

  35. A measure of how well the people in an economic system live is called…

  36. Standard of Living

  37. Country A is currently in the expansion phase of the business cycle & country B is in the trough, which country has the better economic indicator results.

  38. Country A

  39. Country A’s unemployment rate is 9.3% and Country B’s is 4.5%, which country has the better economic indicator.

  40. Country B

  41. True or False Every business cycle includes a depression

  42. False

  43. What does a business downsizing mean for the economic indicators?

  44. Unemployment

  45. A rise in unemployment & a reduction in GDP is a characteristic of what phase of the business cycle

  46. Recession (or contraction)

  47. A measure of the average prices of goods and services used by the average household

  48. Consumer Price Index (CPI)

  49. When an economy becomes too productive and inflation spirals out of control, _____ results.

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