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Aggregate output, economic growth, and business cycles

Economics · Lesson 3 of 5

Lesson 3 of 5

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Lesson 3 of 5 · Economics

Aggregate output, economic growth, and business cycles

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By the end you’ll be able to

Calculate and distinguish nominal GDP and real GDP, explain the use of a GDP deflator, and compare total output with output per capita as measures of economic performance.
Describe the components of aggregate demand and aggregate supply and explain how shifts in each can affect output, employment, and prices in the short run and long run.

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Compare extensive growth with intensive growth and evaluate the sustainability and policy implications of different growth sources.

Describe the phases of the business cycle and distinguish leading, coincident, and lagging indicators used to identify current and expected economic conditions.

Explain how unemployment and inflation relate to the business cycle and interpret broad macroeconomic trends from commonly reported economic data.

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