Chapter 2 Economic Activity 2 1 Measuring Economic

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Chapter 2 Economic Activity 2 -1 Measuring Economic Activity 2 -2 Economic Conditions Change

Chapter 2 Economic Activity 2 -1 Measuring Economic Activity 2 -2 Economic Conditions Change 2 -3 Other Measures of Business Activity Introduction to Business © Thomson South-Western

LESSON 2 -1 Measuring Economic Activity Goals n Define gross domestic product. n Describe

LESSON 2 -1 Measuring Economic Activity Goals n Define gross domestic product. n Describe economic measures of labor. n Identify economic indicators for consumer spending. Chapter 2 Slide 2 Introduction to Business © Thomson South-Western

Key Terms n Gross Domestic Product (GDP) n GDP per capita n unemployment rate

Key Terms n Gross Domestic Product (GDP) n GDP per capita n unemployment rate n productivity n personal income n retail sales Chapter 2 Slide 3 Introduction to Business © Thomson South-Western

GROSS DOMESTIC PRODUCT (GDP) n Components of GDP n n Consumers Business Government Exports

GROSS DOMESTIC PRODUCT (GDP) n Components of GDP n n Consumers Business Government Exports minus imports n Comparing GDP Chapter 2 Slide 4 Introduction to Business © Thomson South-Western

Comparison of GDP in Selected Countries Chapter 2 Slide 5 Introduction to Business ©

Comparison of GDP in Selected Countries Chapter 2 Slide 5 Introduction to Business © Thomson South-Western

LABOR ACTIVITIES n Employment n Productivity Chapter 2 Slide 6 Introduction to Business ©

LABOR ACTIVITIES n Employment n Productivity Chapter 2 Slide 6 Introduction to Business © Thomson South-Western

CONSUMER SPENDING n Personal income n Retail sales Chapter 2 Slide 7 Introduction to

CONSUMER SPENDING n Personal income n Retail sales Chapter 2 Slide 7 Introduction to Business © Thomson South-Western

LESSON 2 -2 Economic Conditions Change Goals n Describe the four phases of the

LESSON 2 -2 Economic Conditions Change Goals n Describe the four phases of the business cycle. n Explain causes of inflation and deflation. n Identify the importance of interest rates. Chapter 2 Slide 8 Introduction to Business © Thomson South-Western

Key Terms n business cycle n prosperity n recession n depression Chapter 2 Slide

Key Terms n business cycle n prosperity n recession n depression Chapter 2 Slide 9 n recovery n inflation n price index n deflation Introduction to Business © Thomson South-Western

THE BUSINESS CYCLE n Prosperity n Recession n Depression n Recovery Chapter 2 Slide

THE BUSINESS CYCLE n Prosperity n Recession n Depression n Recovery Chapter 2 Slide 10 Introduction to Business © Thomson South-Western

CONSUMER PRICES n Inflation n Causes of inflation n Measuring inflation n Deflation Chapter

CONSUMER PRICES n Inflation n Causes of inflation n Measuring inflation n Deflation Chapter 2 Slide 11 Introduction to Business © Thomson South-Western