18 terms

Nominal GDP (Expenditure Approach)

C+I+G+Net X

Real GDP

Nominal GDP/GDP Deflator

% Change of Nominal GDP

(GDP later year - GDP earlier year/GDP earlier year) X 100

% Change of Real GDP

% Change of Nominal GDP - Rate of Inflation

CPI

(value of basket in current year/value of basket in base year) X 100

Inflation Rate

Change in CPI/Initial CPI

Nominal Interest Rate

real interest+inflation

Real Interest Rate

nominal interest rate-inflation

Wages in Earlier Year

Wages in current year X (CPI earlier/CPI current year)

Wages in Current Year

Wages in earlier year X (CPI current year/CPI earlier year)

GDP Deflator

Nominal GDP/Real GDP

Nominal GDP (Income Approach)

wages+rent+interest+profits

GNP (Gross National Product)

GDP+earnings of US Citizens abroad-earnings of foreigners in US

Labor Force

Employed+Unemployed

Labor Force Participation Rate

# in labor force/population over 16

Unemployment Rate

# unemployed/# in labor force

Employment Rate

(# employed/population over 16) X 100

Unemployment Rate

(# unemployed/population over 16) X 100