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Unit 2

AP Macroeconomics

QuestionAnswer
GDP defininition Gross Domestic Product: the dollar value of all final goods and services produced within a country in one year
expenditures formula for GDP C + I + G + (X-M) consumer spending + investment spending + gov. spending + (exports - imports)
income approach formula for GDP national income = wages + rent + interest + profit
value added approach for GDP add each additional value at each stage of production process
percent GDP formula %GDP = (year 2 - year 1/year 1) x 100
GDP per capita best measure of a nation's standard of living (GDP/population)
things not included in GDP - intermediate goods (only final goods count) - nonproduction transactions (something must always be produced) - nonmarket/illegal activities
unemployment rate formula (# unemployed/# in labor force) x 100
frictional unemployment temporary unemployment/in-between jobs - ex: seasonal unemployment
structural unemployment changes in the labor market causing job loss - creative destruction - technological unemployment
cyclical unemployment unemployment caused by a recession
natural rate of unemployment formula NRU = frictional + structural unemployment
labor force participation rate formula LFPR = (labor force/working-age population) x 100
consumer price index formula CPI = (price of market basket/price of market basket base year) x 100
inflation rate formula (new # - old #/old #) x 100
shoe leather costs the costs of transactions (increases with inflation)
GDP deflator measures the price of all goods produced (not just consumer purchases)
GDP deflator formula (nominal GDP/real GDP) x 100
nominal GDP formula (deflator x real GDP)/100
Created by: maraschrantz
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