Chapter 7 - Introduction to Economic Growth and InstabilityThis is a featured page

*The rainbow book activities for this chapter are attached as a .pdf file to the bottom of this page. For January 29th, you should complete activities:
  • 11: Measuring Broad Economic Goals
  • 16: Types of Unemployment
  • 17: The Business Cycle

**As part of your "snow-day assignment", post a comment in response to either Mr. Welker's discussion questions at the bottom of this page, or to one of your classmate's responses.

Economic Growth
  • Growth as a goal
  • Arithmetic as a goal
    • rule of 70
  • Main sources of growh
  • Relative growth rates

The Business Cycle
  • Phases of the business cycle
    • peak
    • recession
    • trough
    • recovery
  • Causes of the business cycle
  • Impacts of business cycle
    • durables vs.
    • nondurables

Unemployment
  • Measurment of unemployment
    • UR rate =
    • part-time employmenet:
    • discouraged workers:
  • Types of unemployment
    • frictional
    • structural
    • cyclical
  • Full-employment
  • Economic costs of unemployment
    • GDP gap and Okun's Law
    • unequal burdens
    • noneconomic costs

Inflation
  • Definition
  • Measurement
  • Types
    • demand-pull
    • cost-push
  • Redistribution effects of inflation
    • nominal and real-income
    • who's hurt?
    • who is unaffected or helped?
  • Effects of inflation on output
    • demand-pull inflation and real output
    • hyper-inflation and breakdown



Watch the news clip below and then reply to the discussion
thread Mr. Welker started at the bottom of the page:






What does the cartoon below imply about the competitiveness of the US service sector?
Chapter 7 - Introduction to Economic Growth and Instability - Welker's Wikinomics Page





welkerjason
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welkerjason Snow-day discussion questions 17 Mar 3 2008, 9:09 PM EST by rishabhtagore
Thread started: Jan 28 2008, 3:59 AM EST  Watch
Since my students will miss the lecture planned for tomorrow, January 29, I thought we'd hold a little discussion here on the wiki, instead. After reading chapter seven in your texts from pages 124-134, come to this page and read the discussion going on here.

To get the conversation started, here's a couple of questions about the topics we're studying today:
1. Why is economic growth considered a desirable goal for the economy?
2. What are the underlying causes of the business cycle? Why don't economies constantly grow over long periods, rather than experiencing sometimes drastic fluctuations?
3. Where do you think the US economy is in the business cycle right now? What evidence is there to support your answer?
4. Is all unemployment bad? Explain.
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HelenChu Is there a limit to economic expansion? 4 Feb 14 2008, 7:31 AM EST by howardlin
Thread started: Feb 1 2008, 5:46 AM EST  Watch
We learned in class that even though the business cycle goes up and down in the short run, in the long run there is actually an upward trend to the business cycle, which means that the economy is expanding over time. Knowing that, is there a point in a nation's economy where expansion is no longer possible? What happens then?
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Adobe Portable Document Format APMacroUnit2.pdf (Adobe Portable Document Format - 416k)
posted by welkerjason   Jan 28 2008, 4:02 AM EST
Rainbow book activities - Macro Unit 1