Team Deliverable Week 4
Learning Team Deliverable Week 4
Learning Team D – Walter Branch, Ramon Castillo, Barbara Farve, Kristofer Genilo
ECO/561 – Economics
11/24/2014
Peter Oburu
Measuring Domestic Output and National Income – Ch. 24
Topics comfortable Kris is comfortable with the concept of gross domestic product (GDP) as it is the dollar value of goods and services in a country during a set period. Walter is comfortable with the GDP concept and understands that is the economic thermometer of the country’s current financial status.
Topics Struggle Kris still has to wrap his head around nominal GDP and real GDP when it comes to the GDP Price Index. So calculating real GDP is dividing nominal GDP by the price index. What is the difference between real GDP and nominal GDP? Walter also struggles with the concept of nominal GDP, and how it interacts with inflation. If GDP goes up and inflation goes down…it seems to be my understanding of the formula for calculating the nominal GDP that is holding me back.
Application of topic GDP is fluctuates with whatever final good or service is bought by a customer. Living through life affects the GDP. If the GDP declines for too long, economists normally label the economy as being in a recession.
Business Cycles, Unemployment and Inflation – Ch. 26
Topics comfortable Kris is comfortable with the different business 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 six months in total output. Of which high unemployment rates is another tell of a recession.
Topics struggle Kris struggles with the concept of inflation and how it affects money today compared to money values in the past. Walter is struggling with defining a recession’s 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
Learning Team D – Walter Branch, Ramon Castillo, Barbara Farve, Kristofer Genilo
ECO/561 – Economics
11/24/2014
Peter Oburu
Measuring Domestic Output and National Income – Ch. 24
Topics comfortable Kris is comfortable with the concept of gross domestic product (GDP) as it is the dollar value of goods and services in a country during a set period. Walter is comfortable with the GDP concept and understands that is the economic thermometer of the country’s current financial status.
Topics Struggle Kris still has to wrap his head around nominal GDP and real GDP when it comes to the GDP Price Index. So calculating real GDP is dividing nominal GDP by the price index. What is the difference between real GDP and nominal GDP? Walter also struggles with the concept of nominal GDP, and how it interacts with inflation. If GDP goes up and inflation goes down…it seems to be my understanding of the formula for calculating the nominal GDP that is holding me back.
Application of topic GDP is fluctuates with whatever final good or service is bought by a customer. Living through life affects the GDP. If the GDP declines for too long, economists normally label the economy as being in a recession.
Business Cycles, Unemployment and Inflation – Ch. 26
Topics comfortable Kris is comfortable with the different business 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 six months in total output. Of which high unemployment rates is another tell of a recession.
Topics struggle Kris struggles with the concept of inflation and how it affects money today compared to money values in the past. Walter is struggling with defining a recession’s 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