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…