The Macroeconomic Perspective (Economics)

Recall cards on measuring the macroeconomy. Gross domestic product: its definition, the equivalent spending and income sides, the expenditure formula GDP = C + I + G + (X - M) and its components, final versus intermediate goods, durable and nondurable goods and services, and GNP and NNP. Nominal versus real values: the GDP deflator, the base year, and converting nominal GDP to real GDP. Tracking real GDP: recession, depression, peak, trough, the business cycle, expansion, annualized growth, and the link to employment. Comparing GDP across countries with common currencies, purchasing power parity, and GDP per capita. Finally, what GDP does and does not capture about well-being, leisure, the environment, health, non-market production, inequality, and the standard of living.