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As a whole economics is an extremely controversial topic. As Catholics we have our own beliefs on how a society should be run and specifically how we should treat others. When others make economic decisions they most likely will not benefit a whole, only a small group of individuals. We must be mindful of this and ensure we are always viewing topics in a Catholic lens.

**Many strands of economics can be connected, my project will be looking at these connections and displaying them in an organized fashion.

GRADE 12 ECONOMICS: MIND MAP

CAPITAL

LABOR FORCE

TECHNOLOGY

NATURAL RESOURCES

This will grow in quantity.

Economic Growth Rate

This grows in both size and quality.

This does not grow unless through agriculture.

It is highly important our economy expands in a positive manner, this also impacts the labor force we have and the quality of life (disposable income).

What is the use of all of this mumbo jumbo???

Good question! Allow me to answer that...

Concepts

A key things to know.

Just Remember...

Market Price

Disposable Income

Negative Elements

Increased Expenditure

Limitations to this...

If all people are working and earning money from it, then they will have more money to put back into the economy. This only happens in unemployment rate is relatively low!!

This includes weather issues, noise, polution, depression...etc.

National Income

National Product

National Income

Analysis of Economy

National Expenditure

We will now take a look at the flow of money and how it is determined, in connection with the economic cycle.

The monetary value of finished goods and services produced by a country's citizens, whether overseas or local.

The total net value of all goods and services produced within a nation over a specified period of time, representing the sum of wages, profits, rents, interest, and pension payments to residents of the nation.

Total level of expenditure in a national economy, equivalent to its total level of output and total level of income.

These Include...

Household Expenditure

Foreign Expenditure

Government and Industry Expenditure

Macroeconomics

Flow of Income Model: The connection of all of the above concepts and how they effect the cycle.

Component Elements

The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.

Production Method

Income method

Expenditure Method

Thus determining...

**Remember the first idea about keeping our Catholic lens on.

National Income= money for labor + rent + interest + profit

Dealing with the entire functioning of the economy.

How we do this...

OUR FIRST STOP!

Gross National Product (GNP)

Gross Domestic Product (GDP)

The Economy as a cycle.

The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis.

A measure of a country's economic performance, or what its citizens produced (i.e. goods and services) and whether they produced these items within its borders.

We will be looking at the connection of the Economic Cycle.

The economy is a constant running cycle.

Real GDP

Per Capita National Income

This is a macroeconomic measure of the value of economic output adjusted for price changes (i.e., inflation or deflation). This adjustment transforms the money-value measure, nominal GDP, into an index for quantity of total output

Per capita income, also known as income per person, is the mean income of the people in an economic unit such as a country or city. It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or Gross national income) and dividing it by the total population.

Moving forward...

Money, Profit, Income.

BASIC MODEL OF THE ECONOMY

We, as well as the government, will continue playing their part in the economic cycle.

Economics is the social science that studies economic activity to gain an understanding of the processes that govern the production, distribution and consumption of goods and services in an economy.

People put money into the economy through buying goods and services, that money is given to them by firms or the government. Both of which initialize job oppertunities so that people may produce those goods and services.

Households offer labor and money, firms offer goods and compensation for work.

IN CONCLUSION...

Solutions?

NO JOBS... NO LUCK!

There are solutions to these issues, but it takes a drastic amount of time for the impact to be seen.

Without that cycle constantly running our economy will fail. One of the largest problems our economy faces is the level of unemployment, poverty, and lack of strong work force in certain sectors.

Economic Problems

Other issues...

Include poverty, homelessness, high rates of living, unemployment levels.. and even more!! :(

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