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Macroeconomics
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Three goals of Federal Reserve System
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Federal Reserve System
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GDP
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Formula of GDP
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C
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consumer spending
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I
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investment made by industry or firms (ex: new capital goods)
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G
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government spending
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E
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exports minus imports
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Y
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variable for Gross Domestic Product
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Unemployment rate formula
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(# of people unemployed/# of people in labor force) X 100
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Consumer Price Index
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an index of the variation in prices paid by typical consumers for retail goods and other
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inflation
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rate at which the general level of prices for goods and services is rising and consequently, the purchasing power of currency is falling
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real GDP
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a macroeconomic measure of the value of economic output adjusted for price changes
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aggregate supply
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total supply of goods and services available to a particular market from producers
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aggregate demand
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amount of total spending on domestic goods and services in an economy
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seasonal unemployment
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a job is only needed for a particular time of the year (ex: santa clause, the Masters)
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structural unemployment
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position in work force is no longer needed; typically innovative technology eliminates the need of jobs
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cyclical unemployment
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losing jobs because of layoffs; happens during recessions; at the bottom of the business cycle troph
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frictional unemployment
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changes that cause unemployment such as quitting, moving, getting fired
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Nominal GDP
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GDP not adjusted for inflation
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Real GDP
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GDP adjusted for inflation
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recession
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when two successive quarters, of 6 months, show a decrease in GDP
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depression
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a severe recession
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discouraged workers
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unemployed people who were looking for a job, but have given up
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underemployed
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working less than full time, want to, but counted in unemployment rate
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natural rate of unemployment
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lowest rate of unemployment that an economy can sustain for a long period
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inflation
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an increase in a currency supply relative to the number of people using it, resulting in rising prices of goods and services over time
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deflation
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a decrease in the general price level of goods and services
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12 districts (in 12 cities)
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How many branches, or working arms, are in the FRS? Developing input needed to make monetary policy
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Federal Open Market Committee
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makes monetary policy decisions for FRS; includes Board of Governors and Presidents of reserve banks
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Board of Governors
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7 members including the chairman and Vice chairman; appointed by US Pres and approved by Senate
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unemployed
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(in terms of economists) out of a job and looking for one and able to work
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unemployment rate
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measure of the prevalence of unemployment and it as calculated as a %
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