Measuring the Economy
Name____________________________
Section 13.2 GDP
What does GDP stand for?
What does it show/measure?
What is the difference between final goods and intermediate goods?
What formula do economists use to show GDP?
List the four components of GDP, give a brief description and an example of each.
1. C ____________________________ Example:
2. G ____________________________ Example:
3. I _____________________________ Example:
4. NX ____________________________ Example:
DEFINE:
Nominal GDP –
Real GDP –
Per Capita GDP –
List and explain three limitations of GDP:
1.
2.
3.
In your own words, explain why GDP growth is important to a country.
Section 13.3 Unemployment
What does the unemployment rate measure?
What government agency measures unemployment?
How is it calculated? (write the equation)
List and describe the three classifications of eligible workers.
1.
2.
3.
List and clearly describe the four types of unemployment. Be sure to include details.
1.
2.
3.
4.
In your own words, explain why there are people unemployed even when the economy is said to be at
“full employment.”
The book lists three problems with using the unemployment rate to judge the economy. In your own
words, list and explain the three problems listed in the book.
1.
2.
3.
Discuss several reasons why high unemployment is bad for the economy.