AP Macro unit 2

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12 Terms

1
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Real GDP

Real GDP = (nominal GDP/CPI) x 100

2
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GDP deflator

GDP deflator = (nominal GDP/ real GDP) x 100

3
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Infaltion rate

(CPI this year - CPI last year) / CPI last year x 100

4
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Labor force participation

(Labor force / Population) x 100

5
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Unemployment rate

(# of unemployed / labor force) x 100

6
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Unemployment to population ratio

(# of unemployed people / working age population) x 100

7
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GDP per capita

(real GDP / population) x 100

8
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CPI

(current period basket price / base period basket price) x 100

9
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Base real GDP

base price x base quantity

10
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New Real GDP

new price x base quantity

11
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Expenditure GDP

adds up all spending

12
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Aggregate Income

Adds up all income