Transcript Which choice describes the approximate time that the Progressive

PLEASE DO NOW
1. Take Out Your Bellringers
2. Take Out Notes #12, 13, and 14
3. Grab a unit guide (if you didn’t print one out for
yourself)
4. Announcements:
• If your groups wanted to present today, please see me ASAP.
• Exam on Notes #12-14 tomorrow
• Homework: Finish the Poverty worksheet.
Bellringer DThe Poor Causes Of Poverty Income Distribution Antipoverty
1. Interactive?
2. Effort?
3. Creative?
4. Informative
5. Visuals?
6. How effective?
7. How Long?
8. Improvements?
IF YOUR NAME IS CALLED:
--Stand Up, Read Question, Answer
--If wrong, other gender can try.
--Teacher may be unfair at times, but
equally unfair!!!
CAN ONLY LOSE POINTS BY:
--Droppping the ball
Chastising (putting others down) others
--sharing answers
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--excessive complaining
1)There are several ways to measure
the health of an economy. Which one
measures the “dollar value of all final
goods & services produced within a
country’s borders in a given year?
(NO # 12)
ANSWER:
Gross Domestic Product (G.D.P.)
2)True or False: All “free market
economies” experience the
“Business Cycle?” (NO #13 )
ANSWER:
True
3) What type of unemployment
occurs every time there is a major
shift in the economy? (NO #14)
ANSWER:
1. Structural unemployment
2. For example, when the U.S. shifted from an
agricultural economy to a manufacturing economy,
many farmers were unemployed.
4)There are 2 major ways of
calculating G.D.P. One way is to add
up the incomes of each working
citizen. What is this approach called?
(NO # 12)
ANSWER:
The Income Approach
This approach assumes that the selling price of all
goods & services reflects the $$$ paid to all
workers that helped make it.
5) Name 2-5 things that might
happen to an economy that is
experiencing a “contraction” during
the business cycle. (NO #13 )
ANSWER:
1) Decreased production of goods/service
2) Decreased sales of goods/services
3) Rising unemployment
4) Failure of businesses
5) Lack of business expansion
6)This term describes someone
that is “seeking a job, but is not
able to obtain a job”? (NO #14)
ANSWER:
Unemployed
7) As a measurement, “Gross Domestic
Product” does not factor in or consider
“Intermediate Products.” What are
“intermediate Products? (NO #12 )
ANSWER:
1. Intermediate Products = are products used to make
other products that are already counted in GDP.
8) What are the 4 cycles of the
Business Cycle? (NO #13 )
ANSWER:
1) Expansion
2) Peak
3) Contraction
4) Trough
9)What 3 things need to take place
before an economy can be labeled as
“fully employed?” (NO #14 )
ANSWER:
1. Unemployment rate must be at or below 3.5%
2. The economy must be growing (in the expansion
phase or GDP rising)
3. All factors of production (land, labor, capital,
entrepreneurialship) is being used efficiently.
10) What is a real-life example of
an “intermediate product?”
Please explain. (NO # 12)
ANSWER:
The tires in a new car would be an intermediate
product. Why? Because the entire car is what will
be counted in GDP, not the tires. The tires HELP
the car to be a “final product”
11) What is the proper label for an
economy that is experiencing the
following:
--A steady decline in GDP
--Steady rise in prices
--A rise in the unemployment rate
(NO #13 )
ANSWER:
Stagflation
12)What is “globalization?” (NO
#14)
ANSWER:
1. It is a process of INTEGRATION and
INTERACTION among people, companies, and
governments of different nations.
2. In other words, it occurs when the economies of
different countries become more involved with
each other.
13) As a measurement, “Gross
Domestic Product” does not factor in or
consider “Secondhand Sales.” What
are “Secondhand Sales?” (NO # 12)
ANSWER:
1. Secondhand Sales= are used goods that are not
being sold for the first time.
2. Used items do not add to an economy’s new
production.
14)When interest rates are HIGH,
what is the normal reaction of
businesses and consumers? (NO #13)
ANSWER:
1. Businesses are LESS likely to borrow money for
expansion purposes
2. Consumers are LESS likely to borrow money for
personal spending.
15)What type of unemployment
is changes according to phases of
the business cycle? (NO #14)
ANSWER:
1. Cyclical Unemployment
2. During the “expansion” phase, unemployment
tends to be low.
3. During the “contraction” phase, unemployment
tends to be high.
16) As a measurement, “Gross
Domestic Product” does not factor in or
consider “Non-Market Activities.”
What are “Non-Market Activities?”
(NO #12 )
ANSWER:
1. Non-Market Activities= are goods & services that
people PRODUCE FOR THEMSELVES, without
the intent of selling those things for other people.
17) What is the proper label for the
“cost that banks charge to borrow
money (it is also expressed by a
percentage) ? (NO #13 )
ANSWER:
Interest Rate
18) Why does “seasonal
unemployment” occur? In other
words, why does it happen? (NO
#14)
ANSWER:
1. Because some industries are destined to shut down
(suspend production) during certain periods of the
year.
2. Example: Ski/snowboarding resorts shut down
during the Summer months.
19) As a measurement, Gross Domestic
Product does not factor in or consider
“Underground Economies.” What are
“Underground Economies?” (NO
#12)
ANSWER:
1. Underground Economies= Activities that
produce goods/services, then sold without ever
being reported to the government.
20)When interest rates are LOW,
what is the normal reaction of
businesses and consumers? (NO #13)
ANSWER:
1. Businesses are MORE likely to borrow money for
expansion purposes
2. Consumers are MORE likely to borrow money for
personal spending.
21)What are the 4 types of
unemployment? (NO #14)
ANSWER:
1. Frictional Unemployment
2. Seasonal Unemployment
3. Cyclical Unemployment
4. Structural unemployment
22)True/False: “Underground
Activities” are always illegal
because they are never reported to
the government? (NO # 12)
ANSWER:
False! Underground Activities can be either Legal or
Illegal.
Selling your grad tickets is not illegal.
Selling crack cocaine is illegal.
23)Name one difference between
a “Recession” and a
“Depression”? (NO #13 )
ANSWER:
1. Depressions last longer than Recessions
2. Depressions are more severe than Recessions
24)Explain the “Demand-Pull”
Theory of inflation. (NO #14)
ANSWER:
Inflation occurs when demand for goods & services
EXCEEDS existing supplies
25) “Markets that provide illegal
goods/services without ever
reporting it to the government” are
known as……… (2 words needed)
(NO # 12)?
ANSWER:
Black Markets
26)What is an “external shock?”
(NO #13 )
ANSWER:
1. Some kind of event that can cause major changes
to an economy, in either positive or negative ways.
2. Example of a positive shock: the discovery of a
new planet that has fresh water.
27) Explain the Quantity Theory
of inflation? (NO #14)
ANSWER:
Too much $$$ circulating in the economy will cause
inflation of price levels.
28) “The Extent to which people are
happy, comfortable, safe, and have
leisure time” is known as… (3 words
needed)? (NO #12 )
ANSWER:
Quality Of Life
29) What is it called when an economy
experiences the following:
--A decline in G.D.P. for at least 6
consecutive months
--Unemployment levels float between 6% 10%. (NO #13 )
ANSWER:
A Recession
30)Which term describes the
following: “A general increase in
the prices of goods & services?”
(NO #14)
ANSWER:
Inflation
31)There are 2 major ways of
calculating G.D.P. One way is to add
up the selling price of all
goods/services that an economy sold.
What is this approach called? (NO #
12)
ANSWER:
The Expenditure Approach
If an economy makes nothing but soap bars, and the
economy only sold 7 soap bars for two dollars
each, then the GDP would equal $14.
32) What are 5 things that MIGHT
cause an economy to experience
“structural unemployment?” (NO
#14)
ANSWER:
1. Development of new technology
2. Changes in consumer demand
3. Globalization
4. Lack of education
5. Discovery of new resources.
THERE ARE ONLY TWO
QUESTIONS LEFT
ANSWER:
33)Which part of government is
responsible for calculating the
nation’s G.D.P.? (NO #14)
ANSWER:
The Department of Commerce, which is a federal
agency run by the executive branch.
34) Explain the “Cost-Push”
Theory Of inflation? (NO #14)
ANSWER:
1. Something has caused the COST OF
PRODUCTION to rise.
2. Inflation occurs because producers have chosen to
raise the price of their products in order to cover
the increased cost of production.
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