National economic performance
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Explain how Gross Domestic Product (GDP), economic growth, unemployment, and inflation are calculated.
Identify the different causes of inflation, and explain who gains and loses because of inflation.
Recognize that a country’s overall level of income, employment, and prices are determined by the individual spending and production decisions of households, firms, and government.
Illustrate and explain how the relationship between aggregate supply and aggregate demand is an important determinant of the levels of unemployment and inflation in an economy.
Analyze the impact of events in United States history, such as wars and technological developments, on business cycles.