00:01
What is the difference between nominal and real gdp? so, nominal gdp takes the current market price to calculate the year's gdp.
00:20
Real gdp takes the market price of the base year and quantity produced for the current year to find out the year's gdp.
00:54
So, nominal gdp measures output with current prices.
01:01
Real gdp takes the market price of the base year and quantity produced for the current year to find out the gdp for this year.
01:54
So, it measures actual growth of production without dissorting effects from inflation.
02:02
That's why real gdp is preferred by economists to calculate the economic growth rate because it takes inflation into account.
03:07
Give the equation used to calculate unemployment rate.
03:31
So, the equation is unemployment rate is the number of unemployed individuals over the people in the labor force.
03:43
Unemployed individuals are considered unemployed if they are 16 or older and currently seeking employment.
03:56
So, if you're not seeking employment, you aren't included within this calculation...