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Ch. 13.1, 14.1 Economic Measurements Main Concepts: Details: GDP, Business Cycle, Unemployment, Inflation Essential Question: How and why is economic activity measured? GDP OutputExpenditure Model formula GDP = C+I+G+F C: I: G: F: Unemployment Rate Types of Unemployment Frictional: Structural: Cyclical: Inflation causes Demand Pull Cost Push Wage-Price Spiral Real vs. nominal Dollars Effects of inflation COLA CPI Business Cycle Phases of the Business Cycle Expansion Peak Contraction Trough Aggregate Supply Aggregate Demand Recession Depression Summary: Economic Growth, inflation, and unemployment are key components in measuring economic activity.