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17 Cards in this Set
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- Back
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GDP
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=C[consumption]+I[investment]+G[government spending]+(X[exports]-M[imports])
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GNP
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=GDP+NFIA
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NNP
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=GNP-CCA
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NI
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=W+i+R+Profits
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SD
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=NNP-NI
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Production function
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Labor on horizontal, real GDP (Y) on vertical. upward rightward curve (Y=F(K_,L))
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Labor Market
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Labor on horizontal, real wages (W) on vertical. downward demand curve (DL=MPL) intersects with upward supply curve (SL).
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Product Market
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Real GDP (Y) on horizontal, price level (P) on vertical. Straight vertical AS(L) curve intersects with downward rightward sloping AD(M) curve. Rightward shift of aggregate supply implies economic growth.
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S,I and r Graph
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Savings and investment (S,I) on horizontal, Real interest rates (r) on vertical. Downward sloping I curve intersects with upward sloping S curve.
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GDP growth rate
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(GDP year2-GDP year1/GDP year 1) X100
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GDP price deflator
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(Nominal GDP/Real GDP) X 100
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Chain type growth rate
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g=SQUARE ROOT OF[(p1xq2/p1xq1)x(p2xq2/p2xq1)]
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Chain type real GDP
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g X real GDP1
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Chain type GDP price deflator
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(nominal GDP/chain-type real GDP) X 100
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Current account surplus
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More exports then imports
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Current account deficit
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More imports then exports
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Say's Law
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Supply creates its own demand. in the process of production, enough income is generated to produce that output. if not price levels will adjust
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