Formulas chap 4-5-6 Flashcards
The formulas provided within chapters four, five and six.
NDP=?
NDP=W+π+i+R+O+tf
GDPy=?
GDPy=W+π+i+R+O+tf+tp+D
GDPe=?
GDPe=C+Ig+G+(X-M)
GDPy=?
GDPy=GDPe
D=?
D=Ig-In
Personal Income=?
Personal Income=Total income of individual from all sources before taxes are paid
Disposable Income=?
Disposable Income=Consumption+Saving
Real GDP=?
RGDP=(GDP/P)x100
P=Price Index=GDP deflator=?
P=(NGDP/RGDP)x100
NGDP=?
NGDP=(Pa x Qa)+(Pa x Qa)+(Pa x Qa)
RGDP=?
RGDP= (Pa x Qb)+(Pa x Qb)+(Pa x Qb)
RGDP/Capita=?
RGDP/capita=RGDP/Population
BMEW (Better measure of economic well-being)=?
BMEW=GDP+Non marketed goods and services+ Under the table transactions-Environmental change
LF=?
LF= Un+Em
UR=?
UR= (UN/LF)x100
ER=?
ER=(EM/Pop)x100
Rule of 70=?
N=70/Rate of Inflation
G=economic growth=?
G= (Pb-Pa/Pa)x100
Participation Rate=?
Participation rate=(LF/pop)x100
NGDP GDP Inflator=?
GDP Inflator=(P x RGDP) / 100
