Gross domestic product (GDP) and gross domestic income (GDI) are in theory estimates of the same concept, namely economic production over a defined span of time and space. Yet the two measures are compiled using different source data, and the two measures often give different indications of the direction of the economy. This raises the issue of which of the two measures is a more accurate estimate of economic production. In this paper we present a time-series statistical framework for addressing this issue. Our findings indicate that the latest vintage of GDP has been a better measure of true output over the 1983-2009 period than the latest vintage of GDI. Our model also implies an optimal weighting of GDP and GDI can yield a more accurate estimate of economic output than either GDP or GDI alone. Our empirical findings indicate that a weighting of approximately 60% to GDP yields the best estimate for the 1983-2009 period. When we consider vintages of estimated output, we find that GDI often contains additional information to GDP regarding true output.

Analyzing planned expenditures versus actual output using the Keynesian Cross. Created by Sal Khan.

This is a 5 minute video that covers the labor market and what factors contribute to the laws of supply and demand to determine the amount of labor employed and wages. This video will meet standard EPF.4 with a review of EPF. 2(a) and (F) and EPF. 3(a)

Greek philosopher Heraclitis said more than 2,500 years ago that “Nothing endures but change.” Forecasting is a tricky business, but this sentiment strikes us as being as safe a bet as one can make. Change—rapid change—underlies all our lives. As we were completing this textbook, the world entered a period of marked economic uncertainty that led many students, and indeed people from all walks of life, to tune into economic events as never before to try to understand the economic world around them. So, while we as economists have the public’s attention, we see an opportunity to share economics principles and the economic way of thinking in a way that emphasizes their relevance to today’s world. We use applications from sports, politics, campus life, current events, and other familiar settings to illustrate the links between theoretical principles and common experiences. Because of the increasingly global nature of economic activity, we also recognize the need for a clear and consistent international focus throughout an economics text. In addition, we have tried to provide a sense of the intellectual excitement of the field and an appreciation for the gains it has made, as well as an awareness of the challenges that lie ahead.

ussell Cooper and Andrew John have written an economics text aimed directly at students from its very inception. You're thinking, ”Yeah, sure. I've heard that before.“

This textbook, Macroeconomics: Theory Through Applications, centers around student needs and expectations through two premises: … Students are motivated to study economics if they see that it relates to their own lives. … Students learn best from an inductive approach, in which they are first confronted with a problem, and then led through the process of solving that problem.

Many books claim to present economics in a way that is digestible for students; Russell and Andrew have truly created one from scratch. This textbook will assist you in increasing students' economic literacy both by developing their aptitude for economic thinking and by presenting key insights about economics that every educated individual should know.

This paper introduces new users to the basics of the U.S. national income and product accounts (NIPAs). It discusses the economic concepts that underlie the NIPAs, and it describes the seven NIPA summary accounts. The Primer also provides a brief overview of the derivation of the NIPA measures and a list of references for further information.

William Phillips observed a correlation between unemployment and inflation. Generally, high inflation is associated with low unemployment, and vice versa. This relationship makes sense, as high employment gives workers more leverage, increasing wages and demand for goods and services. However, there are exceptions, such as stagflation in the 1970s and low inflation with low unemployment in the late 1990s. Created by Sal Khan.

The goal of this textbook is to help students understand how real individuals actually work with economics. In this textbook, the authors illustrate the practicality and relevance of economics with a variety of new illustrations and insights. For questions about this textbook please contact textbookuse@umn.edu

Principles of Macroeconomics covers the scope and sequence requirements of most introductory macroeconomics courses. The text also includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to both Keynesian and classical views, and to the theory and application of economics concepts.

This is a Principles of Macroeconomics Course developed through the Ohio Department of Higher Education OER Innovation Grant. This work was completed and the course was posted in January 2019. The course is part of the Ohio Transfer Assurance Guides (TAGs) as OSS 005. For more information about credit transfer between Ohio colleges and universities, please visit: www.ohiohighered.org/transfer.Team LeadAmyaz Moledina                                  College of WoosterContent ContributorsRosemarie Emanuele                          Ursuline CollegeKenneth Fah                                        Ohio Dominican UniversityDarcy Hartman                                    Ohio State University – NewarkLibrarianNathan Wolfe                                       Kenyon CollegeReview TeamSeth Kim                                              Central Ohio Technical CollegeJoe Nowakowski                                  Muskingum University 

Looks at fiscal policy as a means to address problems in the macroeconomy. Focuses on government spending as well as taxes and transfers in the Keynesian model, as well as determinants of the level of Aggregate Demand.

A study of inflation, its measures, and consequences.  Students will understand how price information is collected and used to construct an index of the price level.  It is important that households and economic agents have a good understanding of the impacts of general price level changes on various economic units.  Policy makers use inflation information to understand the consequences of policy changes and as a guide to current and future policy.

This 9 minute video will examine structural unemployment. It will enforce the standard EPF. 5

Economic Education Specialist, Scott Wolla, explains the concept of supply in this episode of the Economic Lowdown Video Series. Students will learn how changes in the price of a good affect the quantity of the goods produced and how changes in market conditions will affect the supply curve.

Think-Pair-Share activities pose a question to students that they must consider alone and then discuss with a neighbor before settling on a final answer. This is a great way to motivate students and promote higher-level thinking. Even though the activity is called think-"PAIR"-share, this is the term many instructors use for pairs and small groups (three or four students) alike. Groups may be formed formally or informally. Often this group discussion "sharing" is followed up with a larger classroom discussion. Some think-pair-share activities are short, "quick-response think-pair-share" and sometimes the activities may be longer and more involved, "extended think-pair-share." The instructor can use the student responses as a basis for discussion, to motivate a lecture segment, and to obtain feedback about what students know or are thinking and it is easy to incorporate more than one think-pair-share activity in a given class period.

Labor market information (LMI) can help workforce professionals, educators and job seekers distinguish where there are strengths and/or weaknesses in their economies. All of the attention to economic data may allow for more informed decision-making at all levels: informed job seekers, business owners, educators and policymakers.