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25 Cards in this Set
- Front
- Back
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Marginal Product |
Subtracted Total Product / Subtracted unit of labour |
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MRPL |
Marginal Revenue X Marginal Cost |
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Expenditure Approach |
C + G + I + (X-I) |
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Real GDP Rate |
((Real GDP year 2 - Real GDP year 1) / Real GDP year 1 ) X 100 |
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GDP Gap |
Actual GDP X ( ((unemployment rate - Natural Rate) X 2) / 100) |
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Unemployment Rate |
(Unemployed in Labour force / Labour Force) X 100 |
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Demand Elasticity |
% Change in Quantity Demanded / %Change in Price |
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% Change in Quantity Demanded |
(Subtracted Quantity / Average Quantity Demanded) X 100 |
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% Change in Price |
Subtracted Price (new and old) / Average of New and old Price |
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% Supply Elasticity |
% Change in Quantity Supplied / % Change in Price |
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Change in Quantity Supplied |
(Subtracted Quantity Supplied / Average Quantity Supplied ) X 100 |
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%Change in Price |
(Subtracted Resource Price / Average of Resource Price ) X 100 |
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Real GDP growth rate |
((Real GDP year 2 - Real GDP year 1) / Real GDP year 1 ) X 100 |
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GDP gap |
Actual GDP X ( ((unemployment rate - Natural Rate) X 2) / 100) |
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Unemployment Rate |
(#Unemployed / Labour Force) X 100 |
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GDP Deflator |
(Nominal GDP / Real GDP ) X 100 |
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Nominal GDP |
Deflator X Real GDP /100 |
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Real GDP |
Nominal GDP / GDP Deflator X100 |
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Total Costs |
Variable cost + Average Costs |
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Average Costs |
Total costs / output |
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Marginal Costs |
Subtracted Total Costs / Subtracted Total output |
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Total Revenue |
Price X output |
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Profit |
Total Revenue - Expenses |
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Fixed Costs |
Total Costs - (Variable Costs(Quantity) ) |
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Marginal Revenue |
Change in total Revenue / Change in Total Quantity |
