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Macroeconomics: Economics Crash Course #5 Available at https://youtu.be/d8uTB5XorBw or just youtube/google “Crash Course Economics 5” 1. Macroeconomics is the study of the ______________________________________ as a whole rather than individual markets. Macroeconomists make ____________________ based on data, theoretical models, and historical trends. 2. What are the three economic goals of policy makers? a. The three specific measurements that economists analyze to see if a country is achieving each goal: ______________________________________________, unemployment rate, and the ________________________________. b. GDP is the _________________________________________________________ __________________________ produced within a country’s border in a specific period of time, usually a year. i. What are examples of transactions that would NOT be included in GDP? ii. ___________________ is GDP adjusted for inflation; nominal GDP is not. iii. A recession is defined as when two successive quarters or ______________, show a decrease in real GDP. A _________________ is a severe recession. c. The _______________________________________ represents the number of people that are actively looking for a job but just can’t find one. People who were looking for a job but gave up are called __________________________________. Frictional unemployment is when people are __________________ unemployed. Unemployment caused by a lack of demand for a worker’s specific type of labor is known as ___________________________________________. Cyclical unemployment is unemployment due to a _______________________________. d. How does inflation differ from deflation? 3. The process of economy booms and busts is called the ___________________________. 4. Do you believe the government should play a role speeding up or slowing down the economy? Explain your answer.