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6 Cards in this Set
- Front
- Back
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What are the 3 goals of a macroeconomic policy? |
- Real GDP growth - Unemployment Rate - Inflation Rate |
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What is GDP? |
Gross domestic product = Total value of all goods and services produced within the economy in a year. |
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What is unemployment according to the govt? |
A person who is looking for work but cannot find it. |
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What is inflation? |
Prices are rising in the economy |
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How is inflation measured? |
CPI, Consumer Price Index |
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What are the 3 types of unemployment? |
Frictional, Structural, Cyclical |
