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