Macroeconomics For Dummies - UK, UK Edition
Book image
Explore Book Buy On Amazon

Economics can seem overwhelming, especially when examining statistics. Take a look at the following information to gain a better understanding of those statistics. Macroeconomists look at the following summary statistics to assess the health of an economy:

  • Real GDP (or output): The total value of goods and services produced in an economy in one year. Basically, GDP is the size of the whole cake that will then be cut up into (quite unequal) slices, with each person getting a slice.

  • Unemployment: The proportion of people who are unemployed out of those who are able and willing to work.

  • Inflation: The percentage increase in the average price of goods and services.

About This Article

This article is from the book:

About the book authors:

Manzur Rashid, PhD, is a Lecturer of economics at University College, London. Peter Antonioni is a senior teaching fellow at the Department of Management Science and Innovation, University College, London, and coauthor of Economics For Dummies, 2nd UK Edition.

This article can be found in the category: