About This Chapter
Economic Indicators - Chapter Summary
There are several indicators that determine the state of the economy, and this chapter helps you get reacquainted with every one of them. Allow our lessons to help you remember key details about the cost of living, the consumer price index, and how to measure the unemployment rate. If you complete every lesson in this chapter, you should feel more familiar with the following:
- The components of the gross domestic product (GDP)
- Determining the price level, real output, and the real GDP
- The effects of the business cycle on economic performance
- The engine of productivity and how it fuels the economy
- Characteristics of a depression compared to a recession
- Examples of economic output, slowdown, and fluctuations
- Defining and reviewing economic trends
If you are planning to take an assessment that requires you to know about economic indicators, then let our chapter review be your study guide of choice. Our instructors know that you need all of the facts and none of the fluff, which is why they designed such compact lessons. While the lessons are short, they are still filled with loads of relevant information. Each lesson explains key terminology and economic concepts by using examples that truly solidify the subject matter.
Of course, if you're studying for an assessment, you'll want to take a practice test, which is why we offer lesson quizzes and a chapter exam. We want to give you a real-world scenario where you can put your knowledge of economics to the test. Our multiple-choice questions mimic the format found on many assessment exams. Furthermore, your scores on the quizzes immediately identify the gaps in your knowledge, so you'll know which areas to study more thoroughly.
1. Gross Domestic Product: Definition and Components
Learn how economists measure the total production of an economy using gross domestic product (GDP). This lesson also outlines the components that make up a GDP. How do we calculate the economic value of a nation?
2. Real Output, Price Level and the Real Gross Domestic Product
GDP is an important economic indicator, and it must be understood to be analyzed. In this lesson, you'll learn how price levels impact output and GDP and how real GDP can be calculated.
3. Defining and Measuring the Unemployment Rate
You've probably heard about the unemployment rate, especially given how high it was in the 2008 recession. Find out how economists define unemployment, what the unemployment rate is, and how to calculate it in this lesson.
4. The Business Cycle: Economic Performance Over Time
Learn the economic terms that describe economic performance over time and how indicators such as unemployment and inflation behave throughout these economic fluctuations.
5. Productivity: The Economy's Long-Run Growth Engine
Using real-world examples, you'll learn more about what productivity is and four things that determine it within a nation - physical capital, technology, human capital, and natural resources.
6. Consumer Price Index: Measuring the Cost of Living and Inflation
In this lesson, you'll learn what the Consumer Price Index is and how it measures changes in the level of prices in an economy. You'll also learn about the important economic concepts of inflation and deflation. Why do prices always seem to be going up?
7. Recession vs. Depression: Definitions and Differentiation
Discover the real differences between recession and depression, including how economists actually define the two terms and when they have happened in the past.
8. Economic Fluctuations: Definition & Model
Economies go up, and economies go down. In this lesson, you'll learn about economic fluctuations, including what they are as well as look at the dominant model.
9. Economic Slowdown: Definition & Overview
Economies fluctuate up and down. Sometimes economies will speed up, and sometimes they will slow down. In this lesson, you'll learn about economic slowdowns and their role in the business cycle.
10. Economic Output: Definition & Overview
Economic output is one of the most important economic measures for a country. In this lesson, you'll learn what economic output is as well as some related concepts.
11. What is an Economic Trend? - Definition & Overview
Buying groceries or borrowing money are just two ways economic trends play a part in our daily lives. In this lesson, we will look at a few of the most significant economic trends to understand how they affect us.
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Other chapters within the GACE Business Education (542): Practice & Study Guide course
- Ethics in Business
- Understanding Contract Law
- Government Regulation of Business
- The Ethics of Advertising, Marketing & Privacy
- Property Law Basics
- Employment Law
- Collective Bargaining & Unions
- Workplace Communication
- The Central Bank & Monetary Policy
- Economic & Political Systems
- Basics of Economics & Finance
- Fiscal & Monetary Policies in Economics
- International Trade Laws & Regulations
- Financial Management & Planning
- Fundamentals of Money & Banking
- Principles of Personal Finance
- Securities Market Basics
- Creditors' Rights in Business Law
- Negotiable Instruments
- Insurance & Managing Risk
- Business Planning & Organizational Design
- Organizational & Group Behaviors in Business Management
- Management Styles & Theory
- Leadership and Management
- Motivation in Business Management
- Strategic Decision Making & Problem Solving
- Work Groups & Teams
- Human Resources Basics
- Employee Benefits
- Production & Operations Management
- Computation in Business
- Basic Statistical Analysis for Business
- Quantitative Analysis in Business
- Accounting Fundamentals
- Customer Relationship Strategies & Maintenance
- Starting a New Business
- E-Commerce Business Models
- Use of Information Systems in Business
- Business Software
- Network Systems Technology Overview
- Information Security & Protection
- Career & Professional Development in Business
- GACE Business Education Flashcards