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100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

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100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500 3 Goals Naked Economics Unemployme nt Misc. GDP 100 Inflat ion 200 300 400 500
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Page 1: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

100 100 100 100 100

200 200 200 200 200

300 300 300 300 300

400 400 400 400 400

500 500 500 500 500

3 Goals Naked Economics

Unemployment

Misc. GDP

100

Inflation

200

300

400

500

Page 2: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.
Page 3: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

THIS

IS

Page 4: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

With

Host...

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Page 5: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

What are the 3 main Goals of Macroeconomics?

A 100

Page 6: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

1. Full Employment (low unemployment)

2. Stable prices

3. Economic Growth

A 100

Page 7: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

What are the “optimal” rates for the following:

1.Full employment

2.Stable Prices

3.Economic Growth

A 200

Page 8: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

1. Full employment- 95-96% employed (4-5%

unemployed)

2. Stable Prices- 2% inflation

3. Economic Growth- 3.5% real GDP

A 200

Page 9: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

This is the value of all final goods and services produced

inside a country’s borders within one year’s time.

A 300

Page 10: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Gross Domestic Product (GDP)

A 300

Page 11: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

This is a sustained and continuous increase in the average of all prices over

time.

A 400

Page 12: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Inflation

A 400

Page 13: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

List the 3 problems with using GDP to measure

economic growth.

A 500

Page 14: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

1. It doesn’t measure non-market or illegal activities, like drug dealing

and babysitting

2. It doesn’t measure well-being and quality of life

3. Negative outcomes, such as economic depletion, are rewarded

A 500

Page 15: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

B 100

$100 in $1 dollar bills is used to explain this

distinction in GDP

Page 16: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Real GDP adjusted for inflation instead of nominal

GDP

B 100

Page 17: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Most accurate comparative measure of economic wealth

India vs. Israel

B 200

Page 18: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Per Capita GDP

B 200

Page 19: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

13 minutes

B 300

Page 20: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

The time it takes to “earn” the value of a chicken today

B 300

Page 21: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

GDP + Life expectancy + literacy + educational

attainment

B 400

Page 22: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Human Development Index created by UN

B 400

Page 23: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

B 500

Country ranked 1st by Human Development Index

Page 24: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Norway

Next Australia and Iceland

US ranked 13

B 500

Page 25: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Total number of people employed or seeking

employment in a region

C 100

Page 26: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Labor Force

C 100

Page 27: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Workers who are moving between jobs, careers and

locations– Temporary Unemployment

C 200

Page 28: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Frictional Unemployment

C 200

Page 29: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Not enough demand to employ all those who want to

work

C 300

Page 30: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Cyclical Unemployment

C 300

Page 31: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

DAILY DOUBLE

C 400

DAILY DOUBLE

Place A Wager

Page 32: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Workers have permanently lost their jobs in a certain

industry because the skills are obsolete

C 400

Page 33: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Structural Unemployment

C 400

Page 34: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Structural unemployment + Frictional Unemployment =

C 500

Page 35: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Natural Rate of Unemployment

C 500

Page 36: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Proportion of total non-institutionalized civilian

population 16 years of age and over in the civilian labor

force

D 100

Page 37: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Labor Force Participation Rate

D 100

Page 38: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Negative economic growth for a period of a least 6

months is this.

D 200

Page 39: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

A Recession

D 200

Page 40: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Workers who “drop out” of the Labor Force

D 300

Page 41: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Discouraged Workers

D 300

Page 42: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

3 Reasons for decline in Labor Force Participation

Rate

D 400

Page 43: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

More people in jails, hospitals, treatment centers.

More people in military/gov jobs

Boomers retiring/teens entering college

D 400

Page 44: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Impact of Decrease in Labor Force on Productions

Possibilities Curve

D 500

Page 45: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Shift Left--

Inward

D 500

Page 46: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Tires sold to Big O vs. Tires Sold to Ford

E 100

Page 47: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Final vs. Intermediate Goods

Only Final Goods Produced– count in GDP

E 100

Page 48: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Upward slope in Business Cycle Graph

E 200

Page 49: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Expansionary Cycle

E 200

Page 50: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Lowest point in Business Cycle Graph

E 300

Page 51: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Trough

E 300

Page 52: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Downward slope in Business Cycle Graph

E 400

Page 53: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Contractionary Cycle

E 400

Page 54: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Real GDP = C+I+G+(X-M)

E 500

Page 55: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Real GDP = Consumption + Investment + Government Purchases + Net Exports

E 500

Page 56: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

If Price Level is the Balloon, Inflation is the

F 100

Page 57: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

The Flame

F 100

Page 58: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

The Rate at Which Price Level Rises.

F200

Page 59: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Inflation

F 200

Page 60: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

When the inflation rate rises at a rate that has been incorrectly forcasted

F300

Page 61: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Unanticipated Inflation

F300

Page 62: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Reasons debtors and governments running deficits ---win with a rise in unanticipated inflation

F 400

Page 63: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Dollars repaid over time are worth less in terms of purchasing power

F 400

Page 64: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Savers, Retirees, Creditors, Variable Rate Mortgage Holders, long term Bond Holders

F500

Page 65: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

• Purchasing power is less than when money was first stashed away

• Banks lending money, that is worth more in 10 years than original contract amount

• Real rate of return is less

F500

Page 66: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

Final Jeopardy

• Define Consumer Price Index and explain it’s uses

Page 67: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

• CPI measures changes in the price level of consumer goods and services purchased by households.

• a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

• The annual percentage change in a CPI is used as a measure of inflation. A CPI can be used to index (i.e., adjust for the effect of inflation) the real value of wages, salaries, pensions, for regulating prices and for deflating monetary magnitudes to show changes in real values.

Page 68: 100 200 300 400 500 3 GoalsNaked Economics Unemploy ment Misc. GDP 100 Inflation 200 300 400 500.

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