Unemployment, GDP, Inflation
EXAMPLE: if the year to year GDP is up 3%, this is thought to mean that the economy has grown by 3% over the last year.
EXAMPLE: A 4.4-pound bag of "extra-fancy" grade Golden Delicious apples. The goods and services fall into eight major categories: food and beverage, housing, apparel, transportation, medical care, recreation, education and communication, and other. The BLS (Bureau of Labor Statistics) updates the market basket every few years to remove obsolete items; the last update occurred during 2001 and 2002.
EXAMPLE: In December 2012, 143,060 thousand of US residents were employed and 11,844 thousand were unemployed.
Some of our top instructors
Frequently Asked Questions
- What is Hyper-inflation? Hyper inflation is a runaway inflation or "out of control" inflation
- Is GDP measured the same across all countries? The UK National Accounts including GDP are complied using the European System of Account 1995 (ESA95) which itself is based on the System of National Accounts 1993 (SNA93). These systems are recognized worldwide and are adhered to by the majority of countries.
- Can I get unemployment if i quit? When you quit your job, you are not eligible for unemployment, however if you left for a good reason you may be eligible for unemployment benefits.
How They All Relate to GDP
Unemployment rates are linked in the sense that both are macroeconomic factors that are used to gauge the state of an economy.