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