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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.
Is cruise control for the economy a good idea?
Well, it depends. Some say yes, others - no. If the country is in a recession, the govern can increase spending or cut taxes; cruise control won't be beneficial
Name 4 components of the GDP.
Consumer spending, business spending, government spending, net exports.
Why are cheap prices bad for the economy?
Because this situation discourages people from spending, due to the expectation of lower prices. This makes the prices rise even more; GDP decr, unempl incr.
What happens to unemployment when the GDP is high?
The unemployment rate decreases
What two types of unemployment will always exist?
Frictional and structural
What is structural unemployment?
Lack of demand for workers of specific type of labour
What is frictional unemployment?
Time period between jobs when a worker is searching for or transitioning from one place of labour to another.
What is cyclical unemployment?
Unemployment due to recession
How many types of unemployment are there? Name them
3 types: frictional, structural, and cyclical unemployment.
What kinds of people does the 'people in the labour force' category not include?
Underemployed people
Who are discouraged people?
Unemployed people who were looking for a job but have given up?
How would you define people in the labour force?
People of a certain age, not children or older people, who are working or searching for work
How is the unemployment rate measured?
Unemployed people/people in the labour force * 100%
Starting in which year did the Greek GDP start decreasing?
Since 2008
What is real GDP?
GDP adjusted for inflation
What is nominal GDP?
GDP not adjusted for inflation
What is GDP measured in?
In US dollars; it's not measured in raw numbers.
What is GDP?
The value of all final goods and services produced in a country's border within a specific time, usually a year.
What 3 measurements are analyzed to see if the country is achieving the goals of macroeconomics?
GDP, unemployment rate and inflation rate.
How many goals do policy makers have? Name them
3 goals: 1) keep the economy going; 2) limit unemployment; 3) keep prices stable.
When was the economy of Greece very very bad?
In 2015
Why is macroeconomics unpredictable?
Because it depends on people's choices and they are unpredictable!
When did the study of macroeconomics appear?
During the Great Depression
What is macroeconomics?
The study of the entire economy, not just individual markets


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