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Macroeconomics - Coggle Diagram
Macroeconomics
Low unemployment
key terms
unemployment
full employment
employment
formula
labour force participation rate
labour force
employment rate
unemployment rate
the measures of unemployment
carry out labour force surveys
claimant count: count those in receipt of unemployment-related benefits
causes and types of unemployment
structural unemployment
cyclical unemployment
frictional unemployment
seasonal unemployment
consequences of unemployment
the effects on firms
the effects on the economy
the effects on the unemployed
economic growth
economic growth
category
potential economic growth
Actual economic growth
Measurement
GDP growth rate
definition
causes of economic growth
short run
increase in SRAD
increase in SRAS
long run
increase in LRAS
increase in quality and quantity of resourecs
economic recession
causes of economic recession
decrease in AS
decrease in AD
consequences of economic recession
worker：unemployment is likely to rise
consumer: lower living standards
firm: discourage investment
gov: tax revenue declines
definition of economic recession
GDP
real GDP per capita
method of calculation
income method
expenditure method
GDP=consumption+investment+government expenditure+(exports-imports)
output method
category
real GDP
nominal GDP
the difficulty of measuring GDP
some economic activity will go unrecorded
existence of non-marketed economic activity
definition
price stability
balance of payments stability
redistribution of income