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10.5 Discussion Board 4 (GRADED DISCUSSION)
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Please watch the below videos on GDP.
St. Louis Federal Reserve: Gross Domestic ProductLinks to an external site.
Khan Academy: Limitations of GDPLinks to an external site.
In your own words, define the difference between nominal GDP and real GDP. (2-3sentences).
Why is it important for economists to track real GDP to track economic growth? (2-3 sentences).
What is one limitation to tracking GDP? Please give an example (3-4 sentences).
Please watch the below videos on Unemployment.
Course Hero: Types of UnemploymentLinks to an external site.
Jacob Clifford: UnemploymentLinks to an external site.
In your own words, explain one of the 3 types of unemployment: structural, frictional, and cyclical. (2-3 sentences)
Now, give an example of the one of 3 types of unemployment. (2-3 sentences).
Go to the Bureau of Labor Statistics Civilian Unemployment graphLinks to an external site.. What was the total civilian unemployment rate for April 2020? What do you find interesting about this graph? (3-4 sentences)
Why was 2020 a phenomena in terms of unemployment? Why was it record breaking? (3-4 sentences)
Please watch the below videos on Inflation.
St. Louis Federal Reserve: InflationLinks to an external site.
In your own words, what is inflation? (1-2 sentences)
Go to the Bureau of Labor Statistics Consumer Price Index ChartLinks to an external site..
Hover over the red column labelled “All Items.” What is the current inflation rate? (1 sentence)
Which category contributed the most to overall inflation? (1 sentence)
How does inflation affect the economy? Are prices higher or lower? Are consumers worse off or better off? How does inflation personally affect you? (3-4 sentences)
