Economic Growth

Economists measure economic growth using what two indicators

__________________occurs when an individual is actively looking for a job but is unable to find work.

Measuring unemployment can help us understand what?

Increased unemployment happens as output decreases, lowering what?

When more jobs are created, unemployment declines and what happens?

Robert just found out that he is going to be unemployed within a month because his factory has invested in a robotic factory line and his skills are no longer needed. This means that Robert is

The GDP within Country D has begun to decline. As a result of decreased production, Thomas lost his job designing cars. This means that Thomas is

Raquel has just been offered a job, but she has decided not to take it because she feels her skills merit better pay and a better position. This means that Raquel is

The government of Country M has determined that it needs to take action to encourage the growth of its economy. In order to do this, the government has instituted an incentive policy that offers citizens free education. This is extended to all individuals who sign a contract agreeing to work within their specific industry for the next ten years. How is Country M planning on encouraging economic growth?

Read the information and answer the question at the end. The Economies of Germany and Bolivia Courtesy of the CIA World Factbook Downtown Frankfurt, Germany. Frankfurt is one of Germany’s most populous cities. It is also an important part of Germany’s economy. Highlight important information about the economies of Germany and Bolivia. You will use this information to help you complete your assignment. Germany’s Economy: An Overview The German economy is the fifth largest economy in the world in PPP terms and is Europe's largest. It is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. GDP contracted 5.1% in 2009 thanks to the global recession However, it grew by 4.2% in 2010, and 3.0% in 2011, before dipping to 0.7% in 2012. This change is a reflection of low investment spending due to crisis-induced uncertainty and the decreased demand for German exports from recession-stricken periphery countries. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts increased Germany's total budget deficit, but slower spending and higher tax revenues reduced the deficit to 0.8% in 2011. In 2012 Germany reached a budget surplus of 0.1%. By 2014, the federal government wants to balance its budget. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its electricity generating capacity and 46% of its base-load electricity production. Key Economic Data: 2012 Estimates GDP (PPP): $3.367 trillion Global rank: 6th GDP Per Capita (PPP): $39,100 Global rank: 28th Unemployment rate: 6.5% Inflation rate per year: 2.1% Global rank: 115th Imports: $1.2 trillion Global rank: 4th Exports: $1.46 trillion Global rank: 4th Agricultural products: potatoes, wheat, barley, sugar beets, fruit, cabbages, cattle, pigs, poultry Industries: among the world's largest and most technologically advanced producers of iron, steel, coal, cement, chemicals, machinery, vehicles, machine tools, electronics, food and beverages, shipbuilding, textiles The Economies of Germany and Bolivia Courtesy of the CIA World Factbook Downtown Frankfurt, Germany. Frankfurt is one of Germany’s most populous cities. It is also an important part of Germany’s economy. Highlight important information about the economies of Germany and Bolivia. You will use this information to help you complete your assignment. Germany’s Economy: An Overview The German economy is the fifth largest economy in the world in PPP terms and is Europe's largest. It is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. GDP contracted 5.1% in 2009 thanks to the global recession However, it grew by 4.2% in 2010, and 3.0% in 2011, before dipping to 0.7% in 2012. This change is a reflection of low investment spending due to crisis-induced uncertainty and the decreased demand for German exports from recession-stricken periphery countries. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts increased Germany's total budget deficit, but slower spending and higher tax revenues reduced the deficit to 0.8% in 2011. In 2012 Germany reached a budget surplus of 0.1%. By 2014, the federal government wants to balance its budget. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its electricity generating capacity and 46% of its base-load electricity production. Key Economic Data: 2012 Estimates GDP (PPP): $3.367 trillion Global rank: 6th GDP Per Capita (PPP): $39,100 Global rank: 28th Unemployment rate: 6.5% Inflation rate per year: 2.1% Global rank: 115th Imports: $1.2 trillion Global rank: 4th Exports: $1.46 trillion Global rank: 4th Agricultural products: potatoes, wheat, barley, sugar beets, fruit, cabbages, cattle, pigs, poultry Industries: among the world's largest and most technologically advanced producers of iron, steel, coal, cement, chemicals, machinery, vehicles, machine tools, electronics, food and beverages, shipbuilding, textiles Q: according to the information Germany is the _______________largest economy in the world and the _________________in Europe