Economics Key Formulas: GDP, Unemployment, CPI, and Inflation
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11 Terms
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GDP (Expenditure Approach)
𝐺𝐷𝑃 = 𝐶 + 𝐼 + 𝐺 + (𝑋 − 𝑀)
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Disposable Income
𝐼𝑛𝑐𝑜𝑚𝑒 − 𝑇𝑎𝑥𝑒𝑠 + 𝑇𝑟𝑎𝑛𝑠𝑓𝑒𝑟𝑠
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Real GDP
Price of base year x Quantity of asking year
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Per Capita GDP
𝐺𝐷𝑃 / Population
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Labor Force Participation Rate
𝐿𝑎𝑏𝑜𝑟 𝐹𝑜𝑟𝑐𝑒 / 𝐴𝑑𝑢𝑙𝑡 𝑃𝑜𝑝𝑢𝑙𝑎𝑡𝑖𝑜𝑛 × 100
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Unemployment Rate
𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑈𝑛𝑒𝑚𝑝𝑙𝑜𝑦𝑒𝑑 / Labor Force × 100
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Actual Unemployment
Natural Rate + Cyclical Unemployment
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Consumer Price Index (CPI)
Cost of Market Basket in Current Year / Cost of Market Basket in Base Year × 100
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Inflation Rate
(CPI new - CPI old) / CPI old × 100
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Percent Change
(New Value - Old Value) / Old Value × 100
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Nominal Interest Rate
Real Interest Rate + Inflation Rate(expected inflation)
Note 
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