Macroeconomics Term Definition Paper Free Essay, Term Paper and Book Report
Gross domestic product is the total market value of the goods and services produced by a nation's economy during a specific period of time. GDP is calculated using the formula GDP = C + G + I + NX; or GDP = Consumption + Government Spending + Investment + Net Exports. Consumption is any and everything that consumers spend their money on. Government Spending is just that whatever the government spends its money on. Investment is any money spent for the purpose of additional production. Net Exports is the difference in the spending on goods that the United States buys and the amount it makes on goods and services it sells. GDP is known as the nation's report card because it covers so many different factors.
Unemployment Rate
Unemployment rate can be defined basically as the number of unemployed people divided by the labor force. The labor force is comprised of both employed and unemployed people. The computations of employed persons (Current Population Survey,) unemployed persons, labor force (Current Population Survey,) and the current unemployment rates make up the rate.
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