UP:SS10.E.9
Vocabulary
- GDP
- CPI
- cost-push inflation
- demand-pull inflation
- hyperinflation
- unemployment rate
- Bureau of Labor Statistics
- cyclical unemployment
- frictional unemployment
- structural unemployment
- full employment
- recession
- expansion
- peak
- trough
Knowledge
Students know:
- The basic economic indicators: GDP, CPI and unemployment.
- The parts of the business cycle.
- The characteristics of each part of the business cycle.
- The different types of inflation.
- The different types of unemployment.
- The types of unemployment included in full employment.
Skills
Students are able to:
- Determine the portion of the business cycle represented by certain economic indicators.
- Identify examples of each type of unemployment.
- Calculate the unemployment rate.
- Calculate the inflation rate using the CPI.
Understanding
Students understand that:
- Each of the basic economic indicators change for specific reasons.
- There are specific causes of the different types of inflation.
- There are causes of each type of unemployment.
- There are specific reasons that economic activity changes over time.
