Unit H Choice Board

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Unit H Choice Board by Mind Map: Unit H Choice Board

1. Lesson 1

1.1. GNP and GNP are very important concepts from this lesson. Income and expenditure approach were also touched upon in this lesson.

1.2. GNP is short for gross national product. GNP measures the amount of product inside and outside the borders of the United States

1.3. GDP is gross domestic product. This measures the product from within the countries borders and nothing else

1.4. The production approach is one way of testing to see how the economy of a nation is doing

2. Lesson 2

2.1. Real and Nominal GDP was the main focus of Lesson 2. Fixed income and interest rates were also important pieces of the lesson.

2.2. Real GDP and Nominal GDP are both factors that can show how a nations economy is doing.

2.3. Real and Nominal GDP can be calculated using this formula. GDP = C + I + G + (X – M) or GDP

2.4. Interest and Fixed income are crucial to the understanding of the economy. Fixed income are things like phone bills and house payments. With that you take out loans that will increase with interest.

3. Lesson 3

3.1. Interest rates and Foreclosure were that main topics in the third lesson.

3.2. Interest rates are the amount of interest due after a certain period of time after taking out a loan.

3.3. Foreclosure is a legal process where the person who gives out the loan attempts to get the money back that they lost.