Measurements of the Economy

Market value of all final goods and services 

• Poverty Threshold

• Gross Domestic Product

• Consumer Price Index

Measures price changes of popular consumer goods

• Poverty Threshold

• Gross Domestic Product

• Consumer Price Index

Minimum income needed to buy the basics

• Poverty Threshold

• Gross Domestic Product

• Consumer Price Index

Rapid increase in prices 

• Hyperinflation

• Recession

• Capital Deepening 

Businesses increase their capital to labor ratio

• Hyperinflation

• Recession

• Capital Deepening 

Two consecutive quarters of declining GDP 

• Hyperinflation

• Recession

• Capital Deepening 

What are periods of growth and loss in the economy? 

• Economic Clock  

• Business Cycle

• Recession Wave

• Workflow

What is a Lagging Indicator?

• A thing that changes in an economy before real GDP changes

• Two consecutive quarters of declining GDP 

• A thing that changes in an economy after real GDP changes

• Real GDP minus nominal GDP

Which equation describes macroeconomic equal?

• Total supply= total demand

• Total supply= total GDP

• Total GDP= total inflation 

• Total demand= total inflation 

What is a rise in the level of prices?

• Inflation 

• Stagflation  

• Poverty Threshold

• Workflow