About This Chapter
Having an understanding of macroeconomics is pretty important these days. The global economy is a central focus of an awful lot of media coverage, and understanding these stories can help you gain insight into what's happening in your own country. Watching these lessons can help unravel some of the confusing language that gets thrown around when the economy is a topic of discussion.
One term you've probably heard in economic discussions is GDP, but do you know what it means? You may be aware that those letters stand for gross domestic product, or you may have a vague idea of what a GDP is, but there is much more to learn. For instance, did you know that there's much more to a gross domestic product than a single number? Our macroeconomic equilibrium video lessons cover this topic in-depth. We cover specifics such as the definition of full-employment GDP, how to calculate real GDP and how you can find short-run/long-run economic behaviors using a GDP.
Another important macroeconomic term that you may have heard is business cycle. But what, exactly, is a business cycle? There's a specific answer to that question, and learning it may help you understand more about how businesses perform over time. You'll also learn the common terms used when discussing business cycles.
Finally, two big words that loom over our economic reality are recession and depression. The potentially frightening implications of these words may seem less so when you understand exactly what they mean. Discover how these words are used in our current economy and how they can be misrepresented. Additionally, these macroeconomic equilibrium lessons will help you understand the difference between a recession and a depression. To learn all this and more, start watching!
1. Real Output, Price Level and the Real Gross Domestic Product
GDP is an important economic indicator, and it must be understood to be analyzed. In this lesson, you'll learn how price levels impact output and GDP and how real GDP can be calculated.
2. Full Employment GDP: Definition and Examples
In this lesson, you'll learn about an economy that is in balance. The full employment level of GDP is when economic output is at its highest sustainable level, when unemployment is at its most efficient level and when inflation is neither rising nor falling.
3. The Business Cycle: Economic Performance Over Time
Learn the economic terms that describe economic performance over time and how indicators such as unemployment and inflation behave throughout these economic fluctuations.
4. Recession vs. Depression: Definitions and Differentiation
Discover the real differences between recession and depression, including how economists actually define the two terms and when they have happened in the past.
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Other chapters within the Economics 102: Macroeconomics course
- Scarcity, Choice, and the Production Possibilities Curve
- Comparative Advantage, Specialization and Exchange
- Demand, Supply and Market Equilibrium
- Measuring the Economy
- Inflation Measurement and Adjustment
- Understanding Unemployment
- Aggregate Demand and Supply
- Inflation and Unemployment
- Economic Growth and Productivity
- Money, Banking and Financial Markets
- Central Bank and the Money Supply
- Fiscal and Monetary Policies
- Foreign Exchange and the Balance of Payments
- Inflows, Outflows, and Restrictions
- Studying for Economics 102