EC 202: Exam #1 Cheat Sheet Stock variables Capital Debt Wealth Savings The money supply Value of bond holdings Flow variables Saving The trade deficit GDP Government spending Consumption Income Investment Government Surplus/deficit Bond interest payments Employment : READ QUESTION [UNEMP? Or EMP?] Labor Force=employed + unemployed Employed: full/part time w/in past week Unemployed: no work, made effort w/in month Out of Labor force: would like a job but have made no effort w/in month Working Age Population: 16+ Participation Rate= Labor force/WAP Unemployment Rate= unemp./labor force GDP: Y= C + I + G + NX Consumption: durables, non durables, services Investment: firms: purchases of capital goods, factories, buildings Gov’t: goods & services, not transfers [SS, unemp comp, etc.] or interest Net Exports= EX – IM Comparing GDP: new-old/old Nominal: current year prices, no correction for inflation Real: base year pricing, physical volume, show high
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