Unit 4 formulas Flashcards
1
Q
Labor force =
A
employed + unemployed
2
Q
Full unemployment =
A
(frictional + Structural)
———————————- x 100
Labor force
3
Q
Actual unemployment =
A
(frictional + Structural + cyclical)
———————————- x 100
Labor force
4
Q
Labor Force participation Rate =
A
Labor Force
——————— x 100
population
5
Q
Consumer Price Index =
A
current Cost of basket
———————————- x 100
base year cost of basket
6
Q
Real income =
A
nominal income - inflation
7
Q
Real interest =
A
nominal interest - inflation
8
Q
Real GDP =
A
Nominal GDP - inflation
9
Q
Inflation =
A
Wage increase - Productivity
