Study smarterGrowth-rate calculations, compounding and the difference between nominal and real growth are worked through step by step in the Economics Made Simple Complete Bundle — textbook, practice questions with mark schemes, flashcards and 100 case studies.What is GDP growth rate and how to calculate it Since the media often talk about the growth rate of an economy, it is important to...
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Nominal GDP, Real GDP and the GDP Deflator: Formulas, Worked Examples and Index-Number Bias
An economy that produces nothing new but doubles every price reports 100% nominal GDP growth. A complete guide to nominal GDP, real GDP and the GDP deflator — with worked calculations, why the deflator excludes imports, base-year bias, chain weighting, and Nordhaus on the price of light.
Difference between GDP and GNP
Although both GDP and GNP measure the size of an economy, either for business or economics forecasting purposes, they are not one and the same thing. Therefore, one should not be confused by their similar terminology. Simply put, while GDP looks at the strength of a country’s local economy, encompassing not only residents, but also immigrants and tourists, GNP focuses on the economic performance...
Three Approaches of Calculating GDP: Production, Expenditure and Income (Complete Guide)
Three completely different accounting routes — production, expenditure, and income — must arrive at exactly the same number. A complete guide to calculating GDP, with the value-added identity, the C+I+G+(X−M) formula, Ireland’s 26% growth year, Nigeria’s rebasing, and Kuznets’s original warning.
GDP Introduction and Usage
Study smarterGDP, its three measurement approaches and Kuznets’s warning about using it as a welfare measure are covered in full in the Economics Made Simple Complete Bundle — textbook, practice questions with mark schemes, flashcards and 100 case studies.Although GDP is commonly used to measure the size of an economy nowadays, Simon Kuznets, the economist who created this tool has...
Unemployment Rate: Definition, Measurement, Okun’s Law and Why the Statistic Misleads
A person who stops looking for work isn’t unemployed — they vanish from the statistic, and the rate falls. A complete guide to measuring unemployment: the ILO criteria, U-3 vs U-6, the four types, Okun’s Law, the Beveridge curve, and why Blanchard and Summers showed the natural rate isn’t natural.
Demand-Pull vs Cost-Push Inflation and Stagflation: Diagrams, Evidence and Exam Technique
Demand-pull and cost-push inflation produce the same rise in prices and opposite movements in output — and that asymmetry determines the entire policy response. A complete guide with AD/AS analysis, the expectations-augmented Phillips curve, the 1973 oil shock, and what Bernanke and Blanchard found about the 2021–2023 surge.
Economic Impact of Inflation
Study smarterWho wins and loses from inflation — debtors, creditors, savers and fixed-income households — is a standard essay question. It is worked through in the Economics Made Simple Complete Bundle — textbook, practice questions with mark schemes, flashcards and 100 case studies.There are many deadly effects of inflation. Two of the most important are: Redistribution of...
Balanced and Unbalanced Inflation
Balanced Inflation Study smarterBalanced vs unbalanced inflation and relative-price distortion are covered alongside the full inflation syllabus in the Economics Made Simple Complete Bundle — textbook, practice questions with mark schemes, flashcards and 100 case studies.Consider its title “Balanced”, a type of inflation when all the prices increases proportionately. So its more like an...
Anticipated and Unanticipated Inflation
Anticipated Inflation Study smarterAnticipated vs unanticipated inflation, menu costs and shoe-leather costs are covered with exam technique in the Economics Made Simple Complete Bundle — textbook, practice questions with mark schemes, flashcards and 100 case studies.We can simply understand this phenomenon by its title “ANTICIPATED” , which means Predicted or “KNOWN”. Such a “PREDICTED...
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