Unit+2+–+Measuring+Economic+Performance

=**Measuring Economic Performance**=

Reading:

 * McConnell & Brue: Chapters 6, 7, 8
 * Morton & Goodman: Unit 2 (Macro)

===Key Concepts:===
 * circular flow
 * gross domestic product
 * components of gross domestic product
 * real versus nominal gross domestic product
 * CPI and price indicies
 * nominal and real values of inflation
 * costs of inflation
 * defining and measuring unemployment
 * types of unemployment
 * natural rate of unemployment
 * economic growth
 * business cycle

===Graphs & Charts:=== > = =
 * circular flow diagram
 * business cycle