Title: (Optional) Identify the measures or indicators of economic activity.
Course: Principles of Business and Marketing (12051-36) > Section: Understanding the Role of Economics in a Global Economy

Identification should include a definition

- gross domestic product (GDP)
- inflation
- unemployment
- productivity
- standard of living.

Identification should also include how each indicator is measured and used and how each characterizes each of the four phases of the business cycle.

Process/Skill Questions:

- What is the difference between GDP and gross national product (GNP)?
- What is the relationship between the business cycle and the measures of economic activity?
- What is the difference between inflation and deflation? How can each affect the consumer positively and negatively?
- How does unemployment affect the GDP and the economy?
- What impact does consumer spending or demand have on a nation’s GDP?
- What are some other economic indicators used to examine the health of an economy?
- What is the relationship between durable goods and standard of living?
- What is the impact of inflation and the consumer price index (CPI) on the health of an economy?