economic activity is measured.
a. How do the decisions of households, businesses, and the
government affect overall income, employment, and prices?
b1. Define Gross Domestic Product (GDP)
b2. define economic
growth
c1. How is economic growth measured?
b3. define unemployment
c3. How is unemployment measured?
d. Identify and give an example of structural, cyclical, and frictional
unemployment.
b5. define inflation
c2. How is
inflation measured?
b4. define Consumer Price Index (CPI)
b6. define stagflation
a. Give examples of who benefits and who loses from inflation.
b7. define aggregate supply
b8. define aggregate demand
e. Label and Define the
business cycle: peak, contraction, trough,
recovery, expansion, recession and depression.