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nominal GDP over GDP deflator multiplied by 100

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Macroeconomics studies the large units of the economy and the nation as a whole. Economic indicators show how the economy is doing over time. They help us understand how healthy our economy is in comparison to past times and other countries.

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the number of unemployed individuals divided by the total number of members in the civilian work force

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(Macro) Episode 19: Types of Unemployment

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George Washington The Lost Colony of Roanoke

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Unemployment rate primer | Current Economics | Finance & Capital Markets | Khan Academy

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(Macro) Episode 16: Inflation & Price Indexes

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Short run aggregate supply | Aggregate demand and aggregate supply | Macroeconomics | Khan Academy

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Long-run aggregate supply | Aggregate demand and aggregate supply | Macroeconomics | Khan Academy

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Aggregate demand | Aggregate demand and aggregate supply | Macroeconomics | Khan Academy

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Consumption
Investment
Government Spending
eXports - Imports

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-Cost of production
-Higher interest rates
-Lower labor productivity
-Anything that causes a firm to produce fewer goods and services will cause the graph to shift LEFT.

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-Changes in the amount of money people save.
-Higher taxes and lower transfer payments
-Consumers save less and spend more= shift to the RIGHT. and vice versa

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Spending by the government (G)

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Spending by business and households on capital (I)

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Spending by households. (C)

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The amount of exports minus the amount of imports. (X)

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Consumer price index: reports on price changes for about 80,000 items in 364 categories.

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GDP when the distortions of inflation have been removed. This measure reflects what the GDP would have been if the prices had not changed from what they were in the base year.

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A representative selection of commonly purchased goods and services.

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Occurs when a fundamental change in the operations of the economy reduces the demand for workers and their skills

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Caused by workers who are between jobs for some reason.

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directly related to the swings of the business cycle

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Aggregate demand graphs the total demand or consumption for final goods and services at different price levels during a period of time. AD is related to real GDP. It shows the total goods and services that households, businesses, government, and people from other countries plan to buy.

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A year that serves as the basis of comparison for all other years.

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The total market value of all final goods and services within a given time period and within a country's borders.

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Total quantity of all goods and services firms in an economy are willing and able to supply at each and every price in a given time

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Doesn't mean zero unemployment
-The lowest possible unemployment rate, with the economy growing and all factors of production being used as efficiently as possible

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Decline in real GDP lasting at least two quarters or more

What does this look like on a graph?

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General rise in the level of price over times

Causes: demand increasing(demand pull) and cost of inputs increasing (cost push

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inflation, slow economic growth, and high unemployment