Reffonomics.com

2.2   Gross Domestic Product
           • Components
           • Real vs. Nominal GDP

Unit 2: Measurement of Economic Performance

Steven M. Reff
Economics Lecturer
University of Arizona
(2007 - 2016)
The 2015 University of Arizona
Five-Star Faculty Award

2.1 Circular Flow, National Income Accounts, Business Cycle

9 hours - 11 hours max.

12% - 16% of exam

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Measurement of Economic Performance (12%–16%)

• Topic 2.1   Circular Flow, National Income Accounts, and
                              the Business Cycle
• Topic 2.2   Gross Domestic Product
                           • Components
                           • Real vs. Nominal GDP
• Topic 2.3   Inflation
                           • Measurement and Adjustment
                           • Price Indices
                           • Cost of Inflation
                           • Nominal vs. Real Values
                           • Demand-Pull vs. Cost Push Inflation
• Topic 2.4   Unemployment
                           • Definition and Measurement
                           • Types of Unemployment
                           • Natural Rate of Unemployment

eVideos -- Short Videos:

eWorkbook Activities Interactive:

eTextbook Reading:

(3 min. or less, along with 3 multiple choice questions)

eVideos -- Short Videos:

eWorkbook Activities Interactive:

eTextbook Reading:

2.3 Inflation
          • Measurement and Adjustment
          • Price Indices
          • Cost of Inflation
          • Nominal vs. Real Values
          • Demand-Pull vs. Cost Push Inflation

eVideos -- Short Videos:

eWorkbook Activities Interactive:

eTextbook Reading:

TEST YOURSELF 2.2:

TEST YOURSELF Units 2.1 - 2.4

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