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Teams
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seesaw
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fairy
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5
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20
25
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rocket
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banana
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25
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What does higher GDP lead to?
Full capacity of production to keep up with the demands => inflation => people asking for higher wages => economy slows down.
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15
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When did the study of macroeconomics appear?
During the Great Depression
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15
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What two types of unemployment will always exist?
Frictional and structural
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20
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What is GDP measured in?
In US dollars; it's not measured in raw numbers.
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15
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What is structural unemployment?
Lack of demand for workers of specific type of labour
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15
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What is frictional unemployment?
Time period between jobs when a worker is searching for or transitioning from one place of labour to another.
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5
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Starting in which year did the Greek GDP start decreasing?
Since 2008
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20
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What 3 measurements are analyzed to see if the country is achieving the goals of macroeconomics?
GDP, unemployment rate and inflation rate.
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thief
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seesaw
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rocket
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baam
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20
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What is GDP?
The value of all final goods and services produced in a country's border within a specific time, usually a year.
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15
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What is cyclical unemployment?
Unemployment due to recession
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15
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What kinds of people does the 'people in the labour force' category not include?
Underemployed people
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10
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What happens to unemployment when the GDP is high?
The unemployment rate decreases
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10
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What is nominal GDP?
GDP not adjusted for inflation
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seesaw
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magnet
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gift
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lifesaver
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