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Macroeconomics: Economics Crash Course #5
Available at 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.