2.1/2.2 x 2
The value of all final goods and services produced in a country in a year
G_______ D______ P_________
Gross Domestic Product (GDP)
Frictional rate of unemployment + Structural rate of unemployment, or the absence of cyclical unemployment. This occurs at full employment output. The natural rate can change over time because of changes in labor force characteristics.
N______ R______ O_____ U________
Natural Rate of Unemployment (NRU)
A decrease in the price level.
D___________
Deflation
State of not being sure about the future, heightened by unexpected inflation.
U__________
Uncertainty
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YouTube
Consumption directly sensitive to changes in disposable income, consumer confidence, and wealth, and inversely sensitive to interest rates
D________ C__________
Discretionary Consumption
Associated with voluntary job search and entry into the civilian labor force
F__________ U_____________
Frictional Unemployment
Nominal economic variables stripped of the effects of inflation. Examples include Real GDP, Real Wages, Real Interest Rates.
R_____ V___________
Real variables
Efficient utilization of resources for optimal output, hindered by unexpected inflation.
P_________ U__
Productive Use
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Artificial intelligence
Spending by firms on new physical capital, intellectual property, and new inventories, plus spending by households on new construction of homes
N_______ I__________
Net Investment
Associated with either a skill or geographic mismatch between individuals and available jobs
S____________ U_____________
Structural Unemployment
Nominal Value divided by (Price index / 100).
R______ V__________ E___________
Real Value Equation
Results that are achieved with minimal waste or effort, impacted by unexpected inflation.
E________ O________
Efficient Outcomes
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TikTok
Net Investment plus spending by firms to offset depreciation, equals Gross Private Investment, sensitive to business and consumer confidence and inversely sensitive to interest rates
G________ P__________ I__________
Gross Private Investment
Associated with joblessness caused by economic recession = Actual Unemployment Rate - NRU
C___________ U_____________
Cyclical Unemployment
Substitution Bias, Unmeasured Quality Changes, Introduction of New Goods.
W___________ O___ C_______
Weaknesses of CPI
BB
Borrowers Benefit
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Bitcoin
Spending by the foreign sector on current year final domestic goods and services, inversely sensitive to exchange rates
E________
Exports
(Civilian Labor Force / Working Age Population) * 100
L______ F_______ P_________ R______
Labor Force Participation Rate
[(new - old) / old] * 100.
R________ O____ C_________ E________
Rate of Change Equation
LL
Lenders Lose
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