Formulas Flashcards
Marginal Revenue (MR)
Marginal Cost (MC)
CPI
Total Expenditure Current Year
Total Expenditure Base Year
Total Expenditure
Percentage Change (% change in P):
Real Income
Inflation Rate
Unemployment Rate (UEr)
Employment Rate (Er)
Labor Force Participation Rate (LFPR)
Labor Force
Labor Force = #Employed + #Unemployed
Labor Force = (Labor Force Participation Rate Working) x (Age Population)
Total Population
WAP + NOT WAP
(WAP = Working Age Population)
Unemployment Rate %
Employment %
GDP
GDP = C + I + G + NX
NGDP
RGDP
Economic Growth
Components of GDP
Consumption = Durable goods + Nondurable Goods + Services
Investment = Non - residual value + Residual investment + Business Inventory
Government Purchases = Federal + state
Net Exports = Exports - Imports
TOTAL EXPENDITURE (TE)
TE = C + I + G
TE= Consumption + Investment + Government
Consumption (C)
Consumption= Autonomus Consumption + marginal Prosperity to Consume(Disposable income)
Disposable Income
Disposable income = Income - Net Taxes
