(See related pages)
After reading this chapter you should be able to
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Use the basic vocabulary of macroeconomics. |
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Understand how the economy is measured. |
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Understand that gross domestic product is our national measure of output and that inflation is calculated using a price index. |
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See that real gross domestic product is adjusted for inflation and as such is the accepted measure of the economy's health. |
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Understand how unemployment is measured and be familiar with the types of unemployment that economists recognize. |
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Use the vocabulary of the business cycle. |