Econ Gross Domestic Product Business Cycle, International Trade

A period of contraction in the business cycle lasting for more than 6 months.

A Brazilian citizen buys chocolate in Brazil made from the Hershey company in Pennsylvania.

Starbucks rolls out pink drink and stock prices dramatically increase.

Mod Pizza invests $200,000 in ovens to increase production.

Service hired to change the oil in your car.

Largest component of United States GDP

Lowest point of GDP and highest point of unemployment.

Is government spending included in the GDP?

The total market value of final goods & services the nation produces with in a nation in a year.

Economic indicator that follows a change in the business cycle.

Stock Market suddenly drops, investors lose billions.

Illegal drug sales.

This calculation of the GDP adjusts for inflation

Economic Indicator that predict future economic trends. (New housing starts)

Economy is at an all time low and is no longer expanding yet no longer declining.

Unreported legal activities like babysitting are known as

A tax fee charged for goods brought into a nation.

Are business investments included in the GDP?

A law that cuts off trade with a specific country.

The US government spends money to purchase new tanks for the military in the US.

If people believe the economy is strong they are more likely to...

Calculation of GDP that adjusts for inflation so it can be compared to other years.

Is babysitting included in the GDP?

Apple builds at new warehouse in California.

A limit on the types of products that can be imported.

Goods that are purchased more often in the contraction cycle. They last longer.

Furniture, ovens, microwaves are examples of...

Production levels are reduced, workers begin to get laid off.

Dinner purchased at a restaurant.

Cars produced in the United States..

A United States citizen purchases a sweater produced in Italy in a store in Chicago.

Is consumer consumption included in the GDP?

Occurs when a nations’ exports are larger than imports.

A period of economic growth.

Harvard receives a tuition payment from Juan, a freshman at the university.

A tax fee charged for goods brought into a nation.

Quality of life.

Theresa pays an accountant to do her income taxes.

Government spends money to build new parks in Palatine.

A family sells vegetables that they grow in their backyard at a garage sale.

A period of contraction in the business cycle that lasts longer than 6 months.

Business cycle is at its highest point. There is general prosperity, near full employment.

Are nonmarket activities included in the GDP?

An elderly couple pays a neighbor to shovel their snow.

Are net exports included in the GDP?

Food, gasoline are examples of...

Matt buys BIG MAC at McDonalds, what portion of GDP?