Weekly Macro

Draw PPC Curve ( _______ on vertical axis; _______ on horizontal axis) - Showing constant opportunity cost (shared or similar resources - straight line), Showing increasing opportunity cost (dissimilar or different resources - bowed out), Show inefficient/ higher than natural rate of unemployment (point inside curve), Show efficient / natural rate of unemployment (point on curve), Show unattainable (point outside of curve), Show economic growth (shift outward for both sides)

Be able to make a chart for comparative advantage/terms of trade (names/numbers to come later),

Output is OOO (Output Other Over)

Input is IOU (Input Other Under)

Formula for Expenditure approach- GDP- C+I+G+ Xn

Income approach to GDP- Rent+Wages+Interest+Profit

Rate of change formula % - ((New-Old) / Old) x 100

Labor force participation rate %- (Labor Force / Population) x 100

Unemployment rate % -(Unemployed / Labor Force) x 100

CPI Calculation (It’s an index #, not a percent)- (Price of Market Basket in Given Year / Price of Market Basket in Base Year) x 100

GDP Deflator (It’s an index #, not a percent)- Nominal GDP / Real GDP) x 100