Files 4:01 PM Fri May 13 79% Unit+4+workbook Q . . . Home Insert Draw Layout Review View Calibri Bold (Body) 36 B I U aA v AV Unit 4-Economic Indicators Name: HR: CALCULATING Real GDP Year Gallons of Milk Value of Milk Total real value (quantity) (price) produced (quant. X base yr price) 1970 6 Base Year 1990 00 2019 10 Year Gallons of Gas Value of Gas Total value produced (quantity) (price) (quantity X price) 1970 10 1990 15 2019 20 Year Loaves of Bread Value of Bread Total value produced (quantity) (price) (quantity X price) 1970 20 1990 25 2019 30 Year Number of Cars Value of Cars Total real value (quantity) (price) produced (quant. X base yr price) 1970 INN Base Year 1990 2019 Total real value of everything produced in 1970 (a.k.a. real GDP): Total real value of everything produced in 1990 (a.k.a. real GDP): Total real value of everything produced in 2019 (a.k.a. real GDP): Nominal value: Real value: Real GDP:Files 4:01 PM Fri May 13 79% Unit+4+workbook Q . . . Home Insert Draw Layout Review View Calibri Bold (Body) 36 B I U aA A v v Unit 4-Economic Indicators Name: HR: GROSS DOMESTIC PRODUCT (GDP) Use the space below to take notes during class. Gross Domestic Product (GDP): Consumption: Investment: Government Expenditures: Net Exports: Standard of Living: GDP = What GDP tells us What GDP doesn't tell us N4 Files 4:01 PM Fri May '13 Insert Draw Layout Review View Unit 4Economic lndicators Name: HR: UNEMPLOYMENT Use the space below to take notes during class. Unemployed: Labor Force: Unemployment rate: Frictional Unemployment: Structural Unemployment: Cyclical Unemployment: Natural Rate of Unemployment: Actual Unemployment Rate: Discouraged Worker: Underemployed: Labor Force Participation Rate: Unemployment Rate = 4 Files 4:01 PM Fri May '13 Insert Draw Layout Review View Unit 4Economic Indicators Name: HR: THE BUSINESS CYCLE Use the space below to take notes during class. Business Cycle: Expansion: Contraction: Peak: Trough: Indicator Goal Real GDP Growth Rate Unemployment Rate Inflation Rate 4 Files 4:01 PM Fri May '13 Insert Draw Layout Review View Unit 4Economic Indicators Name: HR: INFLATION Use the space below to take notes during class. Inflation: Basket of Goods: Consequences of Inflation Complete the "Indicators\" assignment in Canvas. 4 Files 4:01 PM Fri May '13 Insert Draw Layout Review View Unit 4Economic Indicators Name: HR: Long Run Equilibrium Recessionary Gap Inflationary Gap Complete the "Aggregate Supply and Aggregate Demand\" assignment in Canvas. 8 4 Files 4:01 PM Fri May '13 Insert Draw Layout Review View Unit 4Economic Indicators Name: HR: AGGREGATE DEMAND AND SUPPLY Use the space below to take notes during class. Aggregated Demand (AD): Short Run Aggregate Supply (SRAS): Long Run Aggregate Supply (LRAS): Potential GDP/Potential Output: Recessionary Gap: Inflationary Gap: Long Run Equilibrium: Factors that shift AD Factors that shift SRAS Factors that shift lRAS Files 4:01 PM Fri May 13 79% Unit+4+workbook Q . . . Home Insert Draw Layout Review View Calibri Bold (Body) 36 B I U aAv A Y := V Unit 4-Economic Indicators Name: HR: CALCULATING Nominal GDP Use the posters around the room to complete the tables, then use the tables to calculate your answers. Year Gallons of Milk Value of Milk Total value produced (quantity (price (quantity X price) 1970 6 1990 8 201 10 Year Gallons of Gas Value of Gas Total value produced (quantity) (price) (quantity X price) 1970 10 1990 15 2019 20 Year Loaves of Bread Value of Bread Total value produced (quantity) (price) (quantity X price) 1970 20 1990 25 2019 30 Year Number of Cars Value of Cars Total value produced (quantity) (price) (quantity X price) 1970 2 1990 IN 201 2 Total nominal value of everything produced in 1970 (a.k.a. nominal GDP): Total nominal value of everything produced in 1990 (a.k.a. nominal GDP): Total nominal value of everything produced in 2019 (a.k.a. nominal GDP): Complete the "GDP" assignment in Canvas. W