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Macroeconomics Exam 1 Study Guide: Markets, GDP, and Inflation

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Introduction to Supply and Demand

The Basics of Demand

The Basics of Supply

Supply and Demand Together: Equilibrium, Shortage, and Surplus

Detailed Explanation of GDP Components

Expenditure Approach for Measuring GDP

Calculating GDP Using the Income Approach

Nominal GDP and Real GDP

Shortcomings of GDP

Labor Force and Unemployment

Types of Unemployment