Learning Team Deliverable Essay

Measuring Domestic Output and National Income Ch. 24Topics easygoing line is well-fixed with the pattern of gross domestic product (gross domestic product) as it is the dollar value of goods and services in a country during a set period. Walter is comfortable with the gross domestic product concept and understands that is the economic thermometer of the countrys current financial status.Topics StruggleKris still has to wrap his wit around nominal GDP and real GDP when it comes to the GDP impairment Index. So calculating real GDP is dividing nominal GDP by the price index. What is the difference mingled with real GDP and nominal GDP? Walter also battles with the concept of nominal GDP, and how it interacts with inflation. If GDP goes up and inflation goes follow upit seems to be my understanding of the formula for calculating the nominal GDP that is prop me back. activity of subject argonaGDP is fluctuates with whatever final good or service is bought by a customer. Livin g through life affects the GDP. If the GDP declines for too long, economists norm totallyy label the economy as being in a ceding back.Business Cycles, Unemployment and Inflation Ch. 26Topics comfortableKris is comfortable with the varied crinkle cycles and measurement of unemployment. These items also affect the GDP. Walter is comfortable with the different symptoms of a recession, a period of decline lasting more than sixer months in total output. Of which high unemployment rates is another tell of a recession.Topics skinKris struggles with the concept of inflation and how it affects coin today compared to money values in the past. Walter is struggling with defining a recessions severity. Two examples given were the Great Depression and the recent recession in the last few years, Is the intensity or length of time that the recession lasts that makes one more severe than the other?Application of topicThe business cycle is very familiar in Kris organization as the company goe s through yearly contractions and expansions based on the demand from consumers in the market. The business cycle is also something Walter is familiar with in the hotel industry. The hotel industry goes up and done depending the current state of the economy.The meld Expenditure Model Ch. 28Topics comfortableKris is comfortable with the concepts of equalizer GDP and disequilibrium GDP. Equilibrium is the portend where goods produced equals goods acquired. Disequilibrium is any situation where goods produced are greater than goods purchased and vice versa. Walter is comfortable with the concept of GDP equilibrium, The basic premise of this equilibrium being that supply meets demand.Topics struggleKris did not struggle with any concepts in the chapter, as they were all straightforward and easy to understand. Walter struggled with the concept of disequilibrium and how often, or what circumstances causes this to happen. I tangle with it is the opposite of the equilibrium and that d emand supply exceeds demand but do not feel comfortable enough with the concept to say for sure.Application of topicAs such, Kris cannot think of a time where at that place was equilibrium GDP. In reality, consumer tastes vary and it would be difficult to reach equilibrium Walter thinks that when the economy is doing well the equilibrium can be met because consumers are finically colonised to continue purchasing products and business continue to produce according to demand.Aggregate Demand and Aggregate Supply Ch. 29Topics comfortableKris is comfortable with nitty-gritty demand in which it shows the real GDP that consumers desire to purchase at different price levels. Aggregate supply shows the relationship between the price level and the output of producers. Walter is comfortable with the concept of aggregate demand, and how consumer expending and government investments play into that calculation. As prices increases, consumer demand decreases and vice versa.Topics struggleKris did not struggle with any concepts in this chapter. Walter struggled with understanding why aggregate supply is not affected by price levels.Application of topicSupply and demand is central to the market and economics in general. Consumer tastes continuously affect supply and demand. When the economy is bad and underemployment is high the demand for hig priced products decreases.fiscal Policy, Deficits, and Debt Ch. 30Topics comfortableKris is comfortable with fiscal policy, shortages, and debt as it affects his organization. food market rates are affected by the fiscal policy of the government. to a greater extent or less spending affects the companys contraction or expansion. Walter is comfortable with the concept that the fiscal debt and deficit show the governments current financial state.Topics struggleKris struggles with the concept of automatic or built-in stabilizers. As the text states that a built-in stabilizer is something that increases the governments budget, what patient of of items constitute as a built-in stabilizer? Walter did not struggle with any of the general concepts in chapter 30.Application of topicThe budget deficit affects all citizens as the government does not wisely use the levy payers funds properly. There is a lot of eat that keep thegovernment in debt. Walter notes that when the fiscal debt is higher so are taxes and fines. The misspending of the government is then the burden of the people.