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Warm-up

Warm-up. A. What is the formula for GDP, and which is the biggest part of that formula? B. What cycle would be described this way: rising unemployment, a decrease in investment, and consumers beginning to lose confidence. C. What type of GDP would take into account inflation and population?.

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Warm-up

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  1. Warm-up • A. What is the formula for GDP, and which is the biggest part of that formula? • B. What cycle would be described this way: • rising unemployment, a decrease in investment, and consumers beginning to lose confidence. • C. What type of GDP would take into account inflation and population? • Get out your notes and title them, “Inflation and Unemployment Webquest” • Then go to my website or Edmodo and download today’s PowerPoint. • Then do the Warm-up questions.

  2. Unemployment and Inflation Webquest

  3. Rules • Each slide has an objective. • DO NOT leave that slide until you have accomplished the objective. • Click on the hyperlinks and read the articles that have to do with the objective. Some articles contain information that may not be useful, so feel free to only read the important things in each article. • If everyone in your group doesn’t understand the objective and all of the questions being asked, DO NOT move on. • If you cannot explain it to them, or you are all confused, I’ll be happy to help. However, you cannot just give up on that person learning this. • You have plenty of time to do this, and it will be a good group experience if you put some effort into it.

  4. Different Types of Unemployment E.5.7 • Objective: Be able to define and differentiate the difference between the four types of unemployment. • Cyclical, Structural, Frictional, and Seasonal Unemployment • additionalresources • 1. Which type of unemployment is normal in an economy? • 2. Which type of unemployment describes someone who just graduated and is looking for the best possible job? • 3. Give an example of someone who is unemployed due to Cyclical Unemployment. • 4. Which type of unemployment has to do with offshoring or innovation? • 5. Explain how the answer to #4 can be a sign of a good thing in the economy. • 6. What type of unemployment is it when you don’t have the skills to be employed?

  5. Full Unemployment E.5.8 • Objective: Understand what unemployment rate means, and what is a healthy unemployment rate. • Unemployment Rate • 7. What is the full unemployment rate according to that page? • 8. Why is it not 0%?

  6. Underemployment E.5.8 • Objective: Know what underemployment is and why people are underemployed. • Underemployment • 9. Give an example of someone who is underemployed. • 10. Why would a person be underemployed? • 11. Is underemployment a good indicator or a bad indicator in an economy? Why?

  7. Inflation E.5.8 • Objective: Understand what inflation is and how it can hurt people financially. • Inflation • 12. As inflation goes up, what happens to your ability to buy things with a dollar (aka purchasing power)? • 13. Who controls inflation?

  8. Causes and Effects of Inflation E.5.4 E.5.5 E.5.8 • Objective: Understand how demand-pull and cost-push can cause inflation. Understand how inflation hurts people with fixed incomes. • Demand-pull and cost-push inflation • 14. Which theory of inflation is best described as people wanting more than that which is being produced? • 15. What theory of inflation would result from an increase in wages? • 16. Describe how an increase in wages of a fertilizer company could cause inflation. • 17. What type of inflation is a result of an increase in aggregate demand?

  9. Measuring Inflation E.5.1 • Objective: Understand how we measure inflation. • (Use the same site that was used for the last slide, but click on the page titled “How is it measured?”) The conclusion page of this site may also be helpful. • 18. Who measures inflation? • 19. Prices of the __________ ________ are what they use to measure it. • 20. The _ _ _ is a tool that measures how much consumers are paying for certain things.

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