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Macroeconomic Concepts - Coggle Diagram
Macroeconomic Concepts
Gross Domestic Product (GDP)
Approaches to GDP
Expenditure
Sum of all spending on goods and services
Income
Sum of all the incomes during production
Value Added
Sum of the value added by each step of the production chain
Net Exports
Net exports represent the total value of a nation's exports minus the total value of its imports over a specific period of time
Intermediate Goods and Services
Intermediate goods and services are materials, parts, or tasks that businesses buy and use as inputs, not sold to the final consumer
Aggregate Spendimg
Total spending on the goods and services
Final Goods and Services
Goods sold to the final consumer
Labor Market
Types of Unemployment
Frictional
Unemployment when you are switching between jobs
Cylical
Unemployed caused by bad things happening in the market
Structural
When the unemployed person has the wrong skillset for job requirments.
Natural Rate of Unemployment
People who don't have a job
Employed vs Unemployed
People who have a job (employed). People who are looking for a job. (unemployed)
Unemployment Rate
Percentage of the Labor Force that is unemployed
Discouraged Workers
People who stopped looking for work because there are less places for them to get a job.
Labor Force Participation Rate
Percent of Adults who are either in a job or currently seeking one
Inflation and Price Levels
Inflation
General Increases in prices over time
Deflation
Decreases in prices over time
Disinflation
Slowing the Rate of Inflation
Aggregate Price Level
Average level of a price in a certain goods market
Market Basket
Goods and services used to measure changes in price
Base Year
Consumer
Group of People who buy goods or services