Economics Equations (Unit 2)
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Last updated 3:03 AM on 2/23/24
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11 Terms
1
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Price Index
(current year cost/base year cost) x 100
2
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Unemployment Rate
(unemployed/labor force) x 100
3
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labor force
unemployed + employed
4
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inflation
((new-old)/old) x 100
5
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Real to Nominal
Real x (Deflator/100)
6
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Nominal to Real
(Nominal/deflator) x 100
7
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GDP deflator
(Nominal/real) x 100
8
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Labor Force Participation Rate
(labor force/working age population) x 100
9
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Natural Rate of Unemployment
Frictional + Structural
10
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Nominal GDP
current year’s goods x current year’s prices
11
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Real GDP
BASE year's PRICES x CURRENT year’s GOODS
