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Chapter 2 The DATA of Macroeconomics

Learning objectives. In this chapter, you will learn about:Gross Domestic Product (GDP)the Consumer Price Index (CPI)the Unemployment Rate. Gross Domestic Product. Two definitions:Total expenditure on domestically-produced final goods and servicesTotal income earned by domestically-located

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Chapter 2 The DATA of Macroeconomics

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    1. Chapter 2 The DATA of Macroeconomics

    2. Learning objectives In this chapter, you will learn about: Gross Domestic Product (GDP) the Consumer Price Index (CPI) the Unemployment Rate These are three of the most important economic statistics. Policymakers and businesspersons use them to monitor the economy and formulate appropriate policies. Economists use them to develop and test theories about how the economy works. Because we’ll be learning many of these theories, it’s worth spending some time now to really understand what these statistics mean, and how they are measured. These are three of the most important economic statistics. Policymakers and businesspersons use them to monitor the economy and formulate appropriate policies. Economists use them to develop and test theories about how the economy works. Because we’ll be learning many of these theories, it’s worth spending some time now to really understand what these statistics mean, and how they are measured.

    3. Gross Domestic Product Two definitions: Total expenditure on domestically-produced final goods and services Total income earned by domestically-located factors of production Most students, having taken principles of economics, will have seen this definition and be familiar with it. It’s not worth spending a lot of time on. It might be worthwhile, however, to briefly review the factors of production. Most students, having taken principles of economics, will have seen this definition and be familiar with it. It’s not worth spending a lot of time on. It might be worthwhile, however, to briefly review the factors of production.

    4. Why expenditure = income

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