Three methods of calculating GDP: The Expenditure Approach The Income Approach The production Approach Gross Domestic Product (GDP) measures the…

## The natural level of output

The natural level of output, depicted as the Long Run Aggregate Supply (LRAS) curve is the level of output that…

## Calculating GDP growth

GDP growth is the measurement of the percentage change in GDP from one year to another. It is a metric…

## Balance of trade formula

Balance of trade The balance of trade (B.O.T) is defined as the value of exports minus the value of imports.…

## Potential GDP formula and output gap

Potential GDP Potential GDP formula Potential GDP - Example Output gap Examples Potential GDP Potential GDP is how much a…