Macroeconomics an der Hamburg School Of Business Administration | Karteikarten & Zusammenfassungen

Lernmaterialien für Macroeconomics an der Hamburg School of Business Administration

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Define GDP

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-the value of final goods and services produced in the economy during a given period.

-the sum of value added (value added = value of its production – value of intermediate goods used in production)

- the sum of incomes in the economy during a given period (aggregate production always equals aggregate income)

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Participation Rate

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  • ratio of the labour force to the total population of working age 
  • Higher unemployment rate is typically associated with a lower participation rate because of the discouraged workers 
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Long-run

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economy depends on its ability to innovate and introduce new technologies, how much people save, quantity of county’s education system, quality of government

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Define Nominal GDP

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sum of quantities of final goods produced times their current price.

--> Increases for two reasons: production of most goods increases, price of most goods increases 

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Labor Force

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sum of employment and unemployment (L = N + U)

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Define Real GDP

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  • sum of quantities of final goods times constant (not current) prices
  • Real GDP is comparable due to constant prices from a base year
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Unemployment

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number of people who do not have a job but are look for one

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Discouraged Workers

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those who give up looking for a job and so no longer counted as unemployed

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Why do economists care about unemployment?

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  • Direct effect on the welfare of the unemployed (especially long term)
  • Signal that the economy is not using its human resources efficiently 
  • Very low unemployment can also lead to labour shortages 
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Inflation

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sustained rise in the price level.

-Inflation is the decline of purchasing power of a given currency over time. 

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Inflation Rate

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rate at which price level increases.

  • Inflation rate should lie between 1 and 4 %
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Employment

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number of people who have a job

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Q:

Define GDP

A:

-the value of final goods and services produced in the economy during a given period.

-the sum of value added (value added = value of its production – value of intermediate goods used in production)

- the sum of incomes in the economy during a given period (aggregate production always equals aggregate income)

Q:

Participation Rate

A:
  • ratio of the labour force to the total population of working age 
  • Higher unemployment rate is typically associated with a lower participation rate because of the discouraged workers 
Q:

Long-run

A:

economy depends on its ability to innovate and introduce new technologies, how much people save, quantity of county’s education system, quality of government

Q:

Define Nominal GDP

A:

sum of quantities of final goods produced times their current price.

--> Increases for two reasons: production of most goods increases, price of most goods increases 

Q:

Labor Force

A:

sum of employment and unemployment (L = N + U)

Mehr Karteikarten anzeigen
Q:

Define Real GDP

A:
  • sum of quantities of final goods times constant (not current) prices
  • Real GDP is comparable due to constant prices from a base year
Q:

Unemployment

A:

number of people who do not have a job but are look for one

Q:

Discouraged Workers

A:

those who give up looking for a job and so no longer counted as unemployed

Q:

Why do economists care about unemployment?

A:
  • Direct effect on the welfare of the unemployed (especially long term)
  • Signal that the economy is not using its human resources efficiently 
  • Very low unemployment can also lead to labour shortages 
Q:

Inflation

A:

sustained rise in the price level.

-Inflation is the decline of purchasing power of a given currency over time. 

Q:

Inflation Rate

A:

rate at which price level increases.

  • Inflation rate should lie between 1 and 4 %
Q:

Employment

A:

number of people who have a job

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