RP IV/Post Lesson 28/Pre Lesson 29

Everyone watch this: http://www.npr.org/blogs/money/2011/10/26/141741360/video-what-is-gdp

And be able to define these terms (many should be familiar): Aggregate Supply,Aggregate Demand,National Output,National Income,GDP,Flow,Stock, National Wealth,Economic Growth, Recession, Inflation,Cost of Living,and Deflation

Reflection Paper IV is due next Thursday. The question was:

Reflection paper IV: It is unfair that people can make money merely because they have money. I mean shouldn’t everyone, rich or poor, have to work for their income?

Finally you need to read BE 369-383. Yes it is a bit dry but you NEED to know this stuff. For your journal, what is the greatest miscalculation or misinformation that you had about GDP and what it means before this reading? Additionally, why is it that an increase in only your wage actually makes you better off but an increase in everyones wage changes nothing (hint: focus on what happens to scarcity in each case)?

I hope to have your final paper/project assignment when you turn in your RP IV on Thursday.