Economics Chapter 14 Identifications – Gross Domestic Product

Objective:

Topic: Macroeconomics Key Economic Indicators

Standard: Explains how the key indicators of economic performance measure the general condition and direction of the economy
–GDP
-consumer price index (CPI) and
-unemployment rate.

After reading the chapter, address the following identifications in complete sentences. Be sure to cover who, what, where, when, and why important as it relates to the objective.

Section 1 – Measuring the Nation’s Output

  1. Gross Domestic Product
  2. Non-GDP measures of measuring comprehensive output.
  3. John Maynard Keynes

    4. Section 2 – Measuring the Nation’s Income

  4. Five Measures of Income
  5. Economic Sectors and Circular Flows
  6. Output-Expenditure Model

    7. Sections 3 – GDP and Changes in the Price Level

  7. Constructing a Price Index
  8. Major Price Indices
  9. Real vs. Current GDP