Unit 2 Equations

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Macroeconomics

GDP

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15 Terms

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expenditure approach

GDP = C + I + G + (X-M)

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income approach

GDP = Wages + Rent + Interest + Profits

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GDP per capita

GDP/population

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Growth rates

(ΔGDP / initial) x 100

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Unemployment rate

(UE/LF) x 100

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Labor Force participation rate

([UE+E] / Adult population) x 100

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Natural unemployment rate

structural + frictional

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Total unemployment rate

structural + frictional + cyclical

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CPI

(MBbase / MBcurrent) x 100

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Inflation rate

%ΔCPI

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Nominal GDP, Real GDP, & Deflator triangle cheat code

nominal top, real bottom left, deflator bottom right

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GDP deflator

(nom/real) x 100

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Real GDP

(nom/deflator) x 100

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Inflation rate

%ΔGDP Deflator

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Real %

nominal % - deflator %