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

This video provides a comprehensive overview of Macroeconomics Unit 2, covering GDP, unemployment, and inflation. It explains GDP's role in measuring economic growth, the business cycle's phases, and different types of unemployment. The video also discusses inflation, its measurement through CPI and GDP deflator, and its causes, including demand-pull and cost-push inflation.

Explain the concept of the business cycle and its phases.

What is the significance of the natural rate of unemployment?

What is the GDP deflator and how does it differ from the Consumer Price Index (CPI)?

Discuss the causes of inflation.