Real GDP and unemployment over the cycle
Give this one a try later!
quantity of real GDP at full employment is potential GDP.
Comparing standard of living over time/real GDP per person
Give this one a try later!
real GDP divided by the population. This tells us value of goods and
services that average person can enjoy.
Final good/service and intermediate good/serviced
, Give this one a try later!
final-item that is bought by its final user during a specified time period
intermediate- item produced by one firm, bought by another firm, and then
used as component of final good or service. We don't add the intermediate
value because it would be double counting!
to be counted as unelpoyed...
Give this one a try later!
person must be available for work and must be in one of 3 categories-
1)no job but has tried to get one in last 4 weeks
2)waiting to be called back to job after lay off
3) waiting to start job in 30 days
economic growth and real potential GDP involved
Give this one a try later!
growth rate- annual percentage change of a variable
example: GDP growth rate is
Real GDP in current year-real GDP in previous year/real GDP in previous
year
standard of living depends on real GDP per person which real GDP divided
by the population
Give this one a try later!
quantity of real GDP at full employment is potential GDP.
Comparing standard of living over time/real GDP per person
Give this one a try later!
real GDP divided by the population. This tells us value of goods and
services that average person can enjoy.
Final good/service and intermediate good/serviced
, Give this one a try later!
final-item that is bought by its final user during a specified time period
intermediate- item produced by one firm, bought by another firm, and then
used as component of final good or service. We don't add the intermediate
value because it would be double counting!
to be counted as unelpoyed...
Give this one a try later!
person must be available for work and must be in one of 3 categories-
1)no job but has tried to get one in last 4 weeks
2)waiting to be called back to job after lay off
3) waiting to start job in 30 days
economic growth and real potential GDP involved
Give this one a try later!
growth rate- annual percentage change of a variable
example: GDP growth rate is
Real GDP in current year-real GDP in previous year/real GDP in previous
year
standard of living depends on real GDP per person which real GDP divided
by the population
