background + GDP Flashcards
1
Q
goal of an economic activity
A
reduce
scarcity and satisfy human wants
2
Q
Macroeconomics
A
Focuses on the economy-wide phenomena
Focuses on the holistic view of an economy
3
Q
Three principal policy goals for macro economy
A
Economic Growth
Low Inflation
Low Unemployment
4
Q
GDP = ?
A
C + I + G + (X-M)
5
Q
GDP per capita = ?
A
GDP / Population
6
Q
Real GDP = ?
A
Nominal GDP/GDP Deflator × 100
7
Q
GDP future = ?
A
GDP present × (1 + Rate)^Years
8
Q
GDP Growth Rate= ?
A
(GDP in Year 2 - GDP in Year 1/GDP in Year 1) × 100
9
Q
Productivity formula
A
what is produced/what is required to produce =Output/Input
