macroeconomic indicators Flashcards
1
Q
what are the four factors of product
A
land
labour
capital
enterprise
2
Q
what’s the calculation of the macroeconomic consumption function
A
AD = C + I + G + (X-M)
3
Q
GDP calculation
A
total value of output in one year
4
Q
GDP per capita calculation
A
GDP divided by population
5
Q
Normal economic growth calculation
A
economic growth percentage increase in gdp from one year to the next
6
Q
real economic growth calculation
A
nominal (money) economic growth - inflation
7
Q
Define index numbers
A
a way of measuring general movements of a set of variables from different directions by different amounts
8
Q
calculation for index number
A
raw number divided by base year number x 100
9
Q
define ceterus paribus
A
all over things remain equal
