Lecture Issues in economics today - Chapter 7: Every macroeconomic word you have ever heard: gross domestic product, inflation, unemployment, recession and depression
Lecture Issues in economics today - Chapter 7: Every macroeconomic word you have ever heard: gross domestic product, inflation, unemployment, recession and depression
In this chapter students will be able to: Define the basic vocabulary of macroeconomics, describe how the economy is measured; describe how gross domestic product, our national measure of output, is calculated; calculate inflation using a price index; describe real gross domestic product as the inflation-adjusted value of economic activity and judge its use as the measure of the economy’s health;...