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Limitations on GDP as a Measure of Economic Growth
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Underground Economy
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Economics: G, I, & L

Economics Final

TermDefinition
Limitations on GDP as a Measure of Economic Growth Not timely, population, and underground economy.
Underground Economy "Under the table work", unpaid work. and illegal activity.
GDP Per Capita Amount GDP per-person
Decline of Middle Class Wages When people earn less they are less inclined to spend, slowing economic growth.
Personal Effects of Unemployment Familial stress, inability to have kids, can't travel, etc.
Components of Real GDP Adjusted for inflation.
Components of Nominal GDP Current dollars.
Multiplier Effect Spending money leads to economic growth.
2/3 Portion of GDP created by consumer spending.
Savings Important in Economy Makes money available to people and businesses to borrow and spend,
Work Force Requirements 16+, have or searching for a job, and paid for their work.
Derived Demand for Labor Demand for workers from demand for product.
Economic Impact of Unemployment Less money being distributed and cycled through the economy.
Disposable Income Amount of money available to save and spend.
Frictional Unemployment Normal unemployment with daily fluctuations.
Cyclical Unemployment From market expansions and contraction.
Structural Unemployment Out with the old and in with the new.
Poverty threshold for a family of four is: Totally unrealistic.
Allows for Advancement Economic growth and development.
In favor of raising minimum wage: - Can't logically support a person. - Doesn't inflate at the same rate as everything else.
Against raising the minimum wage: - Leads to outsorucing. - Leads to mechanization.
Created by: amgraf2015
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