About This Chapter
Aggregate Economic Behavior - Chapter Summary
Spark your memory of the types of inflation with an interesting 5-minute video lessons. Check your memory of the GDP deflator by taking a short multiple-choice assessment. In addition to these topics, you'll also cover the following in this chapter:
- Distinction between nominal and real gross domestic product
- GDP deflator
- Definition of unemployment and unemployment rate
- Types of inflation
- Summary of the gross domestic product
- Ways to determine the real GDP growth rates
- Definition of interest rate
- Differences between short-term and long-term interest rates
Our video lessons allow you to go directly to different topics within them. You can move at your own pace as you work through the lessons. Information about your instructors can be found at the top of the lesson transcripts. The transcripts also contain key terms that you can use to create vocabulary lists.
1. Gross Domestic Product: Nominal vs. Real GDP
Watch this video and you'll learn the difference between nominal GDP and real GDP with the help of a memorable story about a competition between twin brothers.
2. The GDP Deflator and Consumer Price Index
Have you ever wondered how inflation is measured? This lesson will compare and contrast two of the indicators used to measure inflation - the consumer price index and the GDP deflator.
3. What is Unemployment? - Definition, Causes & Effects
What is unemployment? If you are currently out of work, you certainly know what this is. But the government has a specific way of looking at unemployment, and you might actually not be considered unemployed by its definition! Read on to learn why.
4. Defining and Measuring the Unemployment Rate
You've probably heard about the unemployment rate, especially given how high it was in the 2008 recession. Find out how economists define unemployment, what the unemployment rate is, and how to calculate it in this lesson.
5. Inflation: Definition, Types, Causes & Effects
In this lesson we will take a look at inflation and its importance. We will discuss the types and causes of inflation, as well as look at the effects of inflation.
6. Overview of the Gross Domestic Product
In this lesson, we explore the economic measurement, gross domestic product (GDP), what is included and what is not, and a few tricks economists use to calculate GDP.
7. How to Calculate Real GDP Growth Rates
How can you tell how much the economy is really growing from year to year? In this lesson, you'll discover the formulas economists use to calculate real GDP growth rates and draw conclusions about real economic growth.
8. What is Interest Rate? - Definition, Types & History
Everything costs money, even money. In this lesson, you'll learn about interest rates - specifically, what they are, how they are determined, and what they mean for an individual and an economy.
9. Short vs. Long Term Interest Rates: Differences & Significance
After reading this lesson, you will understand why long-term interest rates are usually higher than short-term interest rates. You will also see some examples of why this makes sense.
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