SSEMA 1, 2.3. What is Macroeconomics? The study of the performance of our economy as a whole.

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Presentation transcript:

SSEMA 1, 2.3

What is Macroeconomics? The study of the performance of our economy as a whole

Key Economic Indicators This information gives an idea of how the economy is performing

#1: Gross Domestic Product The total dollar value of all final goods and services produced in a nation in a year.

Calculating GDP GDP = C + I + G + (X-M) C = consumer spending I = business investment G = government spending (X-M) = net exports (total exports – total imports)

Why is GDP important? Shows the economic growth of a country (if real GDP has increased, there is economic growth)

#2: Consumer Price Index (CPI) Measure of inflation Inflation causes an increase in the average price of goods and services

Calculating CPI CPI = (market basket price in a given year/market price in the base year) X 100

#3: Unemployment Rate The percentage of people age 16+, actively looking for jobs, and able to work Does not include discouraged workers, under-aged, retired, or underemployed people

Calculating Unemployment Rate Unemployment rate = number of people looking for work number of people in the labor force

Four Types of Unemployment

#1: Structural Unemployment The skills of the labor force do not match those that employers need Investment in education and training reduces structural unemployment

#2: Frictional Unemployment Occurs when people decide not to take a particular job because they are looking for a better job

#3: Cyclical Unemployment Occurs because of downturns in the economy Result of production cutbacks => layoffs