October 7– Do you think the Great Depression could

have been prevented? Why?

Measuring the Great Depression

What is inflation?--a general upward movement in price of goods and services in an economy

What is deflation?--a general downward movement in the price of goods and services in an economy

What is the Consumer Price Index (CPI)?--A statistic reported monthly and indicates annual percentage changes in price levels

Definitions

What is Gross Domestic Product (GDP)? Market value of all final goods and services

produced in an economy in a given year What is nominal GDP? GDP that has not been adjusted for inflation What is real GDP? GDP adjusted for inflation What is the unemployment rate? the number of unemployed as a percentage

of the labor force which is reported monthly

Defintions

What is the definition of unemployed? Civilian persons 16 years of age or older are

classified if they do not have jobs, have actively looked for work in the prior 4 weeks and are currently available for work.

Definitions

Inflation Deflation

Complete an OPVL—By Chase April 21, 1933