ECONOMICS EOC Wrap-up!
Final Unit Packet: Due day of EOC
1. Government Debt and Deficit
2. GDP Guided Notes
3. Everybody Loves Taxes!
4. International Trade
5. EOC Study Guide
6. All remaining BRs
7. LOQs
Macroeconomics Terms
 Business cycle: Recurrent swings in real
GDP which include several phases:
peak, contraction, trough, recovery
and expansion.
 Inflation and purchasing power: As
inflation increases, money is worth less.
As a result, prices increase and
purchasing power (the amount of
goods one can purchase with the
same dollar amount as the year prior)
decreases.
Macroeconomics Terms
 GDP per capita: Gross domestic product/number of people in a country.
Gives a better indication of quality of life for individuals in a country than
regular GDP.
 Keynesian Economic Theory: Governments must sometimes intervene to
help balance/regulate the economy. They can do this through
increased spending to help stimulate the economy during a recession.
 Tools of the Federal Reserve System: There’s a few…but all you need to
know for the EOC is open market operations, which is when the Fed buys
or sells government bonds to impact the money supply.