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Macroeconomics Study Guide: GDP, Unemployment, Inflation, and Economic Growth

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Long-Run Economic Growth

Productivity and the Per-Worker Production Function

Growth Rates and the Rule of 70

Institutions that Promote Economic Growth

Savings Equal Investment

Market for Loanable Funds

Shifts in the Market for Loanable Funds

Business Cycles and Their Characteristics

Labor Force and Unemployment

Types of Unemployment

Unemployment: Minimum Wage Laws and Efficiency Wages

Inflation and Consumer Price Index (CPI)

Using CPI to Adjust for Inflation

Nominal Interest, Real Interest, and the Fisher Equation

Who is Affected by Inflation?

Costs of Inflation: Shoe-leather Costs and Menu Costs

Expenditure Approach for Measuring GDP

Detailed Explanation of GDP Components

Nominal GDP and Real GDP

Shortcomings of GDP

Other Measures of Total Production and Total Income