Bec Module 2

Front 1

Under the expenditure approach, GDP is the sum of the following four components:

Back 1

(G) Government purchases of goods and services
(I) Gross private domestic Investment (nonresidential fixed investment, residential fixed investment, and change in besiness inventories)
(C) Personal Consumption expenditures (durable and non-durable goods, and services)
(E) Net Exports (minus imports)

Hint 1

DICE

Front 2

The income approach accounts for GDP is calculated as follows:

Back 2

(I) Income of proprietors
(P) Profits of corporations
(I) Interest (net)
(R) Rental Income
(A) Adjustments for net foreign income and miscellaneous items
(T) Taxes (indirect business taxes)
(E) Employee compensation (wages)
(D) Depreciation (also known as capital consumption allowance)

Hint 2

IPIRATED

Front 3

Types of unemployment:

Back 3

1) Frictional unemployment
2) Structural unemployment
3) Seasonal unemployment
4) Cyclical unemployment

Hint 3

There are four types

Front 4

SWOT Analysis stands for:

Back 4

Strengths
Weaknesses
Opportunities
Threats

Front 5

Factors the Shift Demand Curve

Back 5

(W) Change in Wealth
(R) Changes in price of Related goods
(I) Changes in consumer Income
(T) Changes in consumer Tastes or preferences for a product
(E) Changes in consumer Expectations
(N) Changes in the Number of buyers served by the market

Hint 5

WRITEN

Front 6

Factors that Shift Supply Curves:

Back 6

(E) Changes in price Expectations of the supplying firm
(C) Changes in production Costs
(O) Changes in price or demand for Other goods
(S) Changes in Subsidies or taxes
(T) Changes in production Technology

Hint 6

ECOST