Macroeconomic Formulas/Open Unemployment rate

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8 Terms

1
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Nominal GDP

Uses given years product quantities with given years prices

2
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Real GDP

Uses given years product quantities with base years prices

3
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Cumulative rate of growth output

((new output-old output)/old output) X 100%

4
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Simple average annual growth rate of output

rate of growth output/10

5
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GDP Deflator

(Nominal GDP/Real GDP)x100

6
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Labor Force

Employment count + unemployment count

7
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Open unemployment rate

(unemployment count/labor force) X 100%

8
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Labor force participation rate

(labor force/working-age population) X 100%