Test on Tuesday, Please Study

Topics to review:

GDP
-how to calculate
-whats included
-whats excluded
-what makes it different from GNP
-C+Ig+G+Xn

Unemployment
-definition
-when is it calculated
-employed vs. unemployed
-4 types of unemployment
-economic norms
-why do we use this as an indicator?

Inflation
-definition
-why is it an important indicator?
-3 types of inflation
-economic norm
-how is it calculated

CPI
-market basket
-its use
-what is included?
-how is it calculated?

Real vs Nominal GDP

Here are a few topics to review just to name a few. Please read your text concerning these topics and study. Thanks.