Gross Domestic Product and Economic Growth Power Point Notes

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Business Cycle Forecasting • Prediction is quite difficult • Leading indicators - set of key economic variables that economists use to predict future market trends • stock market • The Conference Board “In my opinion the wealth of the country is bound to increase at a very rapid rate . . . Anyone who believes that opportunities are now closed and that from now on the country will get worse instead of better is welcome to the opinion-and whatever increment it will bring. I think that we have scarcely started . . . I am firm in my belief that anyone not only can be rich but ought to be rich. -John Jakob Raskob, interview in the Ladies Home Journal, August 1929
Business Cycles throughout history • The Great Depression - the U.S. stock market crash in 1929 • John Maynard Keynes - Theory of Employment, Interest, and Money -the government should intervene to pull an economy out of the market • Some later recessions • 1970’s s OPEC - oil market shortage • 1980’s s recession - high interest rates • 1991 - brief recession - unemployment
Page 1 and 2: Chapter 12 Gross Domestic Product a
Page 3 and 4: 1. Gross Domestic Product • Dolla
Page 5 and 6: Expenditure Approach • Suppose an
Page 7: Limitations of GDP • Non-market a
Page 13 and 14: Measurements of the Macro economy
Page 15 and 16: 2. Business Cycles • A periods of
Page 17: What Keeps a Business Going • Bus
Page 21 and 22: Measuring Economic Growth • Real
Page 23 and 24: Technological Progress • An incre

Gross Domestic Product and Economic Growth Power Point Notes

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