Describe the business cycle, identify the primary measure of unemployment and define “full employment”, identify the primary measure of inflation and distinguish between demand-pull and cost-push inflation.

Gross Domestic Product, Economic Growth, and Unemployment

Define Gross Domestic Product (GDP),identify the four expenditure categories in the equation GDP = C + I + G + Xn and identify the measurement and sources of economic growth.

Describe the business cycle, identify the primary measure of unemployment and define “full employment”, identify the primary measure of inflation and distinguish between demand-pull and cost-push inflation.