Macro unit 1 formulas

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Macroeconomics

GDP

AP Macroeconomics

Unit 2: Economic Indicators and the Business Cycle

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9 Terms

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Labor Force Participation Rate

<p></p>
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Unemployment Rate

The percentage of the labor force that is unemployed and actively seeking employment.

<p>The percentage of the labor force that is unemployed and actively seeking employment.</p>
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Nominal Interest Rate

The interest rate before taking inflation into account.

<p>The interest rate before taking inflation into account.</p>
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inflation rate

The interest rate adjusted for inflation, reflecting the true cost of borrowing.

<p>The interest rate adjusted for inflation, reflecting the true cost of borrowing.</p>
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GDP Deflator

A measure of price inflation in the economy, calculated as the ratio of nominal GDP to real GDP.

<p>A measure of price inflation in the economy, calculated as the ratio of nominal GDP to real GDP.</p>
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Nominal GDP

The total value of all goods and services produced in a country at current market prices.

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Real GDP

The total value of all goods and services produced in a country, adjusted for inflation.

<p>The total value of all goods and services produced in a country, adjusted for inflation.</p>
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Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services.

<p>A measure that examines the weighted average of prices of a basket of consumer goods and services.</p>
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Cost of Market Basket

The total cost of a selected group of goods and services purchased by households.

<p>The total cost of a selected group of goods and services purchased by households.</p>