Macro Unit 2 Summary (New Version)- Measuring the Economy

This video provides a summary of Macroeconomics Unit 2, focusing on GDP, its limitations, unemployment, inflation, and business cycles. It explains the circular flow model, types of unemployment, and how to measure inflation using CPI and GDP deflator. The video also discusses who benefits or suffers from inflation and the difference between nominal and real GDP. Finally, it covers the phases of business cycles and their implications for the economy.

What are the different types of unemployment and how do they differ?

How is inflation measured and what are its effects on the economy?

What is the relationship between inflation and interest rates?

Discuss the significance of the business cycle in macroeconomics.