Oct 31

Post date: Oct 31, 2012 8:01:03 PM

Here is what you need to know for Friday's test.

Expanded Circular Flow Diagram

How to calculate GDP in simple economy both nominal and real

What counts and what doesn’t in GDP

How to calculate unemployment rate

Definition of labor force

The three different types of unemployment

Natural rate of umemployment

Inflation

Deflation

Who does unanticipated inflation help and hurt

Price indexes and how to use them

Calculating price index using a base year