Chapter 11 and 15
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11 Terms
1
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Amount in 2017 dollars
Amount in Past * (Price in 2017/Price in Past)
2
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Price per something
Total Spent/Quantity Bought
3
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CPI
Consumer Price Index
4
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How to find CPI
(Price of goods in current year/Price of goods in the base year) * 100
5
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How to find inflation rate
CPI of current year - CPI of Base year/CPI of Base Year
6
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Inflation rate
A percent change from one period to another
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GDP Deflator
Nominal GDP/Real GDP
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Nominal GDP
Current Quantity * Current Price
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Real GDP
Current Quantity * Set Price
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With Union
Wage increase
Demand fall
Supply rise
Unemployment increase
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No union but another service did
Wage decrease
Demand rise
Supply rise
Increase of employment
Note 
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