Macro Economics
A traditional measure of a country's economic health.
What is GDP, Inflation or Unemployment?
Fred Flinstone is being replaced by the new machine that is more efficient what type of unemployment is it
What is the type of unemployment
Unemployment due to the business cycle.
What is cyclical unemployment?
The most economic activity in a business cycle
What is a peak?
What type of GDP are we looking for when we have a current year and a base year
What is Nominal GDP
The term to describe a country's output per person.
What is GDP per capita?
What is the income method for calculating GDP
What is WRIP
Form of unemployment caused by a mismatch between worker's skills and what employers need.
What is structural unemployment?
The period between a peak and trough
What is a contraction?
If we are comparing a GDP from this year (current) what is the other year know as
What is base year
The country with the world's highest GDP per person.
What is the United States?
What is the value added approach
Adds the value added of each step of the production process. This eliminates double counting of intermediate goods
Type of unemployment where people are between jobs but will likely find one quickly.
What is frictional unemployment?
The number of months of economic decline required to be considered a recession?
What is six?
The ability to produce a particular good at a lower opportunity cost.
What is a comparative advantage?
The calculation used to measure GDP.
What is C + I + G + (X-M)
What is it called when the value of something goes down.
What is depreciation
The natural rate of unemployment in the USA
Around 4%
What is happening when unemployment rises and consumer spending is going down.
What is a Recession
What is Real GDP
GDP adjusted / without inflation
What are the two ways housing can be counted for GDP?
I for investment C if renting
What is one group of individuals who would not be included in a country's unemployment calculation?
Retired people, those under the age of 15, those not actively seeking work.
The least economic activity in the business cycle.
What is a trough?
What is Nominal GDP
What is GDP with Inflation