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  • 2.3 Unemployment Review To Have For Test Fall 2020

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    Deshay Williams
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    This document defines key macroeconomic concepts and measures of economic growth and unemployment. It discusses gross domestic product (GDP), the expenditures and income approaches to calculating GDP, and real GDP. It also covers the business cycle, labeling peaks, recessions/contractions, troughs, and expansions. Finally, it defines the unemployment rate equation and different types of unemployment, including frictional, structural, and cyclical unemployment. It also notes some limitations of using the unemployment rate as a measure.

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    This document defines key macroeconomic concepts and measures of economic growth and unemployment. It discusses gross domestic product (GDP), the expenditures and income approaches to calculating GDP, and real GDP. It also covers the business cycle, labeling peaks, recessions/contractions, troughs, and expansions. Finally, it defines the unemployment rate equation and different types of unemployment, including frictional, structural, and cyclical unemployment. It also notes some limitations of using the unemployment rate as a measure.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    9 views1 page

    2.3 Unemployment Review To Have For Test Fall 2020

    Uploaded by

    Deshay Williams
    This document defines key macroeconomic concepts and measures of economic growth and unemployment. It discusses gross domestic product (GDP), the expenditures and income approaches to calculating GDP, and real GDP. It also covers the business cycle, labeling peaks, recessions/contractions, troughs, and expansions. Finally, it defines the unemployment rate equation and different types of unemployment, including frictional, structural, and cyclical unemployment. It also notes some limitations of using the unemployment rate as a measure.

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    Unit 2: Macro Measures


    Measuring Economic Growth
    Definition of Gross Domestic Product (GDP)- Define Nominal GDP-

    Define Real GDP-


    What is the expenditures approach?

    Three things not included in GDP:


    GDP = ____ + ____ + ____ + ____ 1.
    What is the income approach? 2.

    3.
    National Income = ____ + ____ +____ + ____
    Business Cycle Measuring Unemployment
    Label peak, recession/contraction, trough, expansion 1. Frictional Unemployment:

    Real GDP

    2. Structural Unemployment

    3. Cyclical Unemployment

    Unemployment Rate Equation

    Time

    Practice: True or False Natural Rate on Unemployment (NRU)


    1. Investment spending is spending on financial What is the natural rate of unemployment?
    assets like stocks and bonds
    2. Transfer payments are not counted in the
    calculation of GDP
    3. If the nominal GDP increases then the economy is Problems With Unemployment Rate
    definitely experiencing inflation What are discouraged job seekers?
    4. An economy is not at full employment unless there
    is no unemployment
    5. Countries that have generous unemployment
    benefits tend to have higher natural rates of What are underemployed (part-time) workers?
    unemployment
    6. Lumberjacks are structurally unemployment when
    they are replaced by machines
    If someone gave this to you, they are a jerk
    9

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