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Unformatted text preview: & Macroeconomics Lecture 3 Dependent Macro-Variables: is the outcome of the Economic activities: Economists evaluate the success of an economys performance through the outcome of the economic activities which are: 1. Output Level: is measured by GDP, which is the total value of all final goods and services, measured in current market prices, produced in the economy during a year. 2. Employment Level: Is the number of employed labor in comparison to the number of labor force. While, Unemployment rate is the percentage of the labor force that is not employed. The labor Force includes all the employed persons and those unemployed individuals who are capable to work and are seeking jobs. It excludes those without work that are not looking for jobs or who are not capable of working. A higher GDP signals a high rate of employment as the labor force would be employed in the production of goods and services....
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- Spring '11