Chapter 2 Outline

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Name.______________________
Period._______
Introduction to Business -Chapter 2 Outline
BI-Economic Activity
2-1: LT-Measuring Economic Activity
 Define gross domestic product.
 Describe economic measures of labor.
 Identify economic indicators for consumer spending.
Name 2 components of the GDP?
1.
2.
Vocabulary:
1. Gross Domestic Product (GDP)
2. GDP per capital
3. unemployment rate
4. productivity
5. personal income
6. retail sales
What types of economic activities are not included in GDP?
Date._____________
Name.______________________
List 2 Labor Activities
Period._______
1.
2.
How can productivity be increased?
Name 2 ways Consumer Spending aides Economic Growth?
1.
2.
What are the main sources of Personal Income?
2-2: LT-Economic Conditions Change
 Describe the four phases of the business cycle.
 Explain causes of inflation and deflation.
 Identify the importance of interest rates.
Vocab:
1. business cycle
2. prosperity
3. recession
4. depression
5. recovery
6. inflation
7. price index
8. deflation
Date._____________
Name.______________________
Name the 4 phases of a business cycle?
1.
2.
3.
4.
Name 4 factors that affect Consumer Prices?
1.
2.
3.
4.
What are the main causes of inflation?
Types of Interest rates1. Prime rate
2. Discount rate
3. T-bill rate
4. Treasury bond rate
5. Mortgage rate
6. Corporate rate
7. Certificate of deposit rate
Period._______
Date._____________
Name.______________________
Period._______
How do interest rates affect business activities in our economy?
Date._____________
2-3 Other Measures of Business Activity
 Discuss investment activities that promote economic growth.
 Explain borrowing activities by government, business, and consumers.
 Describe future concerns of economic growth.
Vocab:
1. capital project
2. stock
3. bond
4. budget surplus
5. budget deficit
6. national debt
The money for capital projects come from 3 main sources, name them.
Give some examples of capital projects?
BORROWING
Name the 3 major borrowing (debt) markets and explain how/what they borrow money for.
Future Economic Challenges-Name the 4 challenges the book sees in our future
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