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17 Cards in this Set
- Front
- Back
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The three major indicators of economic activity are:
• Real ___ (Real ____ ____ ____) • ____ level and ____ rate • ____ and ____ rates (4.1) |
The three major indicators of economic activity are:
• Real GDP (real GROSS DOMESTIC PRODUCT) • PRICE level and INFLATION rate • EMPLOYMENT and UNEMPLOYMENT rates (4.1) |
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____ ____ measures the quantity of final goods and services produced by the economy in a given time period measured against market prices in a base year. (4.1)
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Real GDP measures the quantity of final goods and services produced by the economy in a given time period measured against market prices in a base year. (4.1)
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Formula for rate of growth of real GDP?
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IMG
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A spring for a motor vehicle is produced in Canada and then shipped to Germany to be fitted to the main assembly.
• Is the spring a final good? ____. • Is the spring counted towards Canada's GDP? ____. (4.1) |
A spring for a motor vehicle is produced in Canada and then shipped to Germany to be fitted to the main assembly.
• Is the spring a final good? NO, EXPORT. • Is the spring counted towards Canada's GDP? NO. (4.1) |
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The ____ ____ is a measure of the weighted average of prices of a wide variety of goods and services.
The ____ ____ ____ is comprised of a basket of everyday goods and is used to measure yearly price level change against a base year. (4.1) |
The PRICE LEVEL is a measure of the weighted average of prices of a wide variety of goods and services.
The CONSUMER PRICE INDEX is comprised of a basket of everyday goods and is used to measure yearly price level change against a base year. (4.1) |
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The ____ rate is the yearly percentage change in the price level. (4.1)
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The INFLATION rate is the yearly percentage change in the price level. (4.1)
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Statistics Canada reports three key labour market indicators. They are:
• the ____ rate; • the ____ rate; • the ____ rate. (4.1) |
Statistics Canada reports three key labour market indicators. They are:
• the PARTICIPATION rate; • the UNEMPLOYMENT rate; • the EMPLOYMENT rate. (4.1) |
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"Employment" measures adults using the following criteria (Canada)
• ____ years-old • Working ____-time, ____-time, or ____-____ (4.1) |
"Employment" measures adults using the following criteria (Canada)
• 15+ years-old • Working FULL-time, PART-time, or SELF-EMPLOYED (4.1) |
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"Unemployment" measures adults who are ____ working but currently searching for ____. (4.1)
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"Unemployment" measures adults who are NOT working but currently searching for WORK. (4.1)
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The civilian ____ ____ is the sum of adults ____ working and adults ____ for work. Adults who are ____ looking for work are not in this indicator. (4.1)
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The civilian LABOUR FORCE is the sum of adults CURRENTLY working and adults LOOKING for work. Adults who are NOT looking for work are not in this indicator. (4.1)
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"Participation rate" measures the percentage of the population either ____ or ____. Even if the ____ remains constant, changes in the participation rate change the size of the ____ ____. (4.1)
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"Participation rate" measures the percentage of the population either WORKING or UNEMPLOYED. Even if the POPULATION remains constant, changes in the participation rate change the size of the LABOUR FORCE. (4.1)
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From 1980 to 2008, real GDP in Canada grew at a rate of ____% to ____% per year.
The United States economy had stronger growth in the ____S, but saw ____ relative growth in the following decade. (4.2) |
From 1980 to 2008, real GDP in Canada grew at a rate of 2.5% to 3% per year.
The United States economy had stronger growth in the 1990s, but saw WEAKER relative growth in the following decade. (4.2) |
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A ____ is a decline in economic activity, often denoted by ____ consecutive periods of negative real GDP growth.
Canada experienced one in the early 1980s and one in the early 1990s. (4.2) |
A RECESSION is a decline in economic activity, often denoted by TWO consecutive periods of negative real GDP growth.
Canada experienced one in the early 1980s and one in the early 1990s. (4.2) |
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The "circular flow diagram" shows the relationship between ____, ____, and ____. (4.3)
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The "circular flow diagram" shows the relationship between SPENDING, OUTPUT, and INCOME. (4.3)
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Draw the circular flow diagram, including only households and businesses. (4.3)
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IMG
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Nominal GDP measures the:
• Output of final ____ and ____; • ____ generated from production of this output; • ____ on the sale of this output in given time period. (4.3) |
Nominal GDP measures the:
• Output of final GOODS and SERVICES; • INCOME generated from production of this output; • EXPENDITURE on the sale of this output in given time period. (4.3) |
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Statcan measures nominal GDP in three ways:
• Output-based GDP • • |
TEXT
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