Econ Exam 3

Real GDP formula

Q t • P base

Real GDP Per Capita Formula

Real GDP / Population

CPI in year t formula

Cost of fixed basket at prices of year t / Cost of fixed basket at prices of the base year • 100

Inflation Rate Year t formula

Normal Income / Consumer Price Index • 100

GDP definition

The market value of all final goods & services produced in an economy in a fixed period of outcome

Nominal GDP definition

Measure in GDP in which the quantities produced are valued at current year prices

Intermediate Goods definition

Goods that are used to build or make another product that will be subsequently sold

NGDP formula

Q current • P current

RGDP formula

Q current • P base

GDP formula

C + I + G + NX

MRP formula

🔺TR \ 🔺Q of resource

MRC formula

🔺TC / 🔺Q of Resource

MRP Formula

MP • P

Real Wage definition

The quantity of goods & services that can be bought with the ones normal wage