Macroeconomics Lecture 2 Key Macroeconomic Variables

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The second lecture in the macroeconomics course at Cardiff University. This lecture explains the key macroeconomic variables (GDP, Unemployment Rate, Inflation Rate). Three methods to calculate GDP: the value of final goods; the sum of value added (value of production minus value of intermediate goods); the sum of all incomes. Nominal GDP is quantity times current prices while Rea GDP is quantity times constant prices. GDP growth in time t is (GDP_t - GDP_t-1)/GDP_t-1. • Unemployment key concepts (employment, unemployment, labor force, unemployment rate, discourage workers, participation rate). • Inflation (GDP deflator, CPI). • Okun's Law (unemployment - GDP growth) and Phillips curve (inflation rate-unemployment rate). • course webpage: http://hanomics.com/courses/macroecon...

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