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Macroeconomics Study Guide: Foundations, Demand & Supply, GDP, Unemployment, and Inflation

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Introduction to Economics

Positive and Normative Statements

Circular Flow Diagram

Introduction to Supply and Demand

The Basics of Demand

Shifting Demand

The Basics of Supply

Shifting Supply

Supply and Demand Together: Equilibrium, Shortage, and Surplus

Expenditure Approach for Measuring GDP

Detailed Explanation of GDP Components

Value Added Method for Measuring GDP

Shortcomings of GDP

Nominal GDP and Real GDP

Labor Force and Unemployment

Types of Unemployment

Nominal Interest, Real Interest, and the Fisher Equation