Tuesday, December 21, 2010

10 facts

The most widely used NIPA is gross domestic product.
To actually compute GDP, economists use the outpute expendinture model.
Government transfer payments are not included when calculating government purchases.
A price index is a set of statistics that allows economists to compare price over time.
Illegal activities and unreported illegal activities are part of the underground economy.
Economic indicators are collected by the U.S department of justice.
War is an external factor that can affect the business cycle.
Periods of expansion will eventually experience a trough.
The business cycle is divided into six phases and/or stages.
The contraction phase of a business cycle is a period of economic expansion and growth.

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