About This Chapter
Georgia Milestones: Measuring Economic Activity- Chapter Summary
Before you take the Georgia Milestones Economics/ Business/ Free Enterprise EOC exam, use our study guide to learn about topics related to measuring economic activity. These lessons will go over different topics on this subject that you might encounter on the exam itself. Some of the topics you will learn about in the lessons are:
- Gross domestic product
- The circular flow of economic activity
- Investment vs. investments
- The effects of fiscal policy on unemployment
- Consumer price index
- The definitions, types, causes and effects of inflation and stagflation
Use the chapter's practice quizzes to assess your knowledge of some of these topics after you have finished going over all of the lessons. Once you have completed the whole chapter, you'll have a much bigger leg-up on the Georgia Milestones Economics/ Business/ Free Enterprise EOC exam itself!
1. Overview of the Gross Domestic Product
In this lesson, we explore the economic measurement, gross domestic product (GDP), what is included and what is not, and a few tricks economists use to calculate GDP.
2. 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?
3. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources
Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.
4. Gross Domestic Product: Using the Income and Expenditure Approaches
In this lesson, you will learn how economists measure gross domestic product using two different methods - the income approach and the expenditure approach.
5. Gross Domestic Product: Items Excluded from National Production
In this lesson, you'll gain a better understanding of what the gross domestic product is by exploring things that are excluded from it. Why do we count some items in the GDP but not others?
6. Investment vs. Investments in Economics
Discover the important difference between investment in economics and investments that individuals make by saving out of their income. This lesson defines and outlines the basic components of gross private domestic investment.
7. 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?
8. Inflation: Definition, Types, Causes & Effects
In this lesson we will take a look at inflation and its importance. We will discuss the types and causes of inflation, as well as look at the effects of inflation.
9. Stagflation: Definition, Causes & Effects
There are different types of economic problems, but few match stagflation. In this lesson, you'll learn what stagflation is, what causes it, and how it affects an economy suffering from it. A short quiz follows the lesson.
10. The GDP Deflator and Consumer Price Index
Have you ever wondered how inflation is measured? This lesson will compare and contrast two of the indicators used to measure inflation - the consumer price index and the GDP deflator.
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Other chapters within the Georgia Milestones - Economics/Business/Free Enterprise EOC: Test Prep & Practice course
- Georgia Milestones: Introduction to Economics
- Georgia Milestones: Scarcity, Choice & the Production Possibilities Curve
- Georgia Milestones: Consumer Behavior & Microeconomics
- Georgia Milestones: Supply & Demand
- Georgia Milestones: Economic Interdependency
- Georgia Milestones: Economic Price & Income Elasticity
- Georgia Milestones: Types of Economic Systems
- Georgia Milestones: Government's Role in Economic Systems
- Georgia Milestones: Market Structures in the US Economy
- Georgia Milestones: Business Organizations
- Georgia Milestones: Making Business Decisions
- Georgia Milestones: Understanding Production in Microeconomics
- Georgia Milestones: Comparative vs. Absolute Advantage
- Georgia Milestones: Macroeconomic Equilibrium
- Georgia Milestones: Scarce Economic Resource Markets
- Georgia Milestones: Economic Growth & Productivity
- Georgia Milestones: Inflation Measurement & Adjustment
- Georgia Milestones: Understanding Unemployment
- Georgia Milestones: Aggregate Supply & Demand
- Georgia Milestones: Fiscal & Monetary Policies
- Georgia Milestones: Expansionary & Contractionary Policies
- Georgia Milestones: Money, Banking & Financial Markets
- Georgia Milestones: Central Bank & the Money Supply
- Georgia Milestones: Foreign Exchange & the Balance of Payments
- Georgia Milestones: Trade Barriers & Regulations
- Georgia Milestones: Consumer Decision Making
- Georgia Milestones: Savings & Investments
- Georgia Milestones: Credit & Interest Rates
- Georgia Milestones: Insurance
- Georgia Milestones: Taxation
- Georgia Milestones - Economics/Business/Free Enterprise EOC Flashcards