Macro unit 1 formulas
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9 Terms
Labor Force Participation Rate
Unemployment Rate
The percentage of the labor force that is unemployed and actively seeking employment.
Nominal Interest Rate
The interest rate before taking inflation into account.
inflation rate
The interest rate adjusted for inflation, reflecting the true cost of borrowing.
GDP Deflator
A measure of price inflation in the economy, calculated as the ratio of nominal GDP to real GDP.
Nominal GDP
The total value of all goods and services produced in a country at current market prices.
Real GDP
The total value of all goods and services produced in a country, adjusted for inflation.
Price Index
A measure that examines the weighted average of prices of a basket of consumer goods and services.
Cost of Market Basket
The total cost of a selected group of goods and services purchased by households.
