Transcript Am I Unemployed?

Double Jeopardy
AD/AS
Is It Counted?
Am I
Unemployed?
Business Cycles
Review
Definitions
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Compliments of the James Madison Center, JMU
If AD rises, the price level will
______.
If AS increases, then the price
level will ______.
What effect will decreasing AD
have on real GDP?
What happens to real GDP when
there has been demand-pull
inflation?
What happens to real GDP when
there is cost-push inflation?
A vintage Sony Playstation
purchased at a thrift store.
The purchase of $10,000 worth
of stock in DAL
The purchase of 400 pounds of
flour used to make bread.
The purchase of a bulldozer
The purchase of a pizza oven
manufactured by a German firm
operating out of Pennsylvania
I just graduated from UGA and am
entering the job market for the first
time. Livin’ at home until I find what
I like. Am I unemployed?
I am a full-time college student
focusing on my studies. I have no job.
Am I unemployed?
I lost my job in 2009 and spent 2 years
looking for another one. I am convinced
there are no jobs out there for me, so
I have given up looking. Am I
unemployed?
Got laid off from a sweet job making
$125,000 a year. Just took a low-level,
part-time job making just over
$21,000 a year to help pay the bills,
but I am still looking for a better job.
Am I unemployed?
I lost my job when my company
relocated the factory I worked at
to China. I am finding it hard to
find a manufacturing job. Am I
unemployed?
What is the major economic
problem that can occur during
periods of rapid economic
expansion?
What is the major economic problem
that exists during economic
contractions?
An increase in interest rates
would cause real GDP to ___.
What would happen to real GDP
if labor productivity improved?
Name 2 leading indicators that
would signal that there may
be a shift in the business cycle.
Incentive
Opportunity Cost
Externality
“invisible hand”
consumer sovereignty