principles of economics

Write a six to twelve sentence paragraph on each of the following topics. In each paragraph, define the sub-listed terms, and briefly but rigorously explain how that term would be applied to the current state of the economy. Please bold each vocabulary word used. You are required to use 15 of the following terms.

Topic 1: Gross Domestic Product 

a.Measuring GDP

b.Public transfer payments 

c.Real GDP

d.Business Cycles 

Topic 2: Unemployment 

a.Measuring Unemployment 

b.Types of Unemployment 

c.Full employment 

Topic 3: Inflation 

a.Measuring inflation 

b.Demand pull inflation 

c.COLAS

Topic 4: Fiscal Policy  

a.Expansionary & Contractionary Fiscal Policy 

b.Automatic Stabilizer 

c.Crowding out Effect

d.Lag time

Topic 5: Monetary Policy

a.Fractional Banking System 

b.Money Multiplier 

c.Open Market Operations

d.Reserve Ratio 

e.Discount Rate

f.Term Audition Facility 

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