|
5.1 |
Define aggregate supply and
demand, Gross Domestic Product (GDP), economic growth, unemployment,
and inflation |
| 5.2 |
Explain how GDP,
economic growth, unemployment and inflation are measured. |
| 5.3 |
Explain the limitations of
using GDP to measure economic welfare. |
| 5.4 |
Explain the four phases of the
business cycle (contraction, trough, expansion and peak). |
| 5.5 |
Analyze the impact of events
in United States history, such as wars and technological
developments, on business cycles.
|
| 5.6 |
Identify the different causes
of inflation and explain who gains and loses because of inflation.
|
| 5.7 |
Analyze the impact of
inflation on students' economic decisions.
|
| 5.8 |
Illustrate and explain
cost-push and demand-pull inflation. |
| 5.9 |
Recognize that a country's
overall level of income, employment and prices are determined by the
individual spending and production decisions of households, firms
and government. |
| 5.10 |
Illustrate and explain how the
relationship between aggregate supply and aggregate demand is an
important determinant of the levels of unemployment and inflation in
an economy.
|
| 5.11 |
Compare and contrast solutions
for reducing unemployment. |