Macroeconomics studies the economy as a whole, looking at factors like GDP, unemployment rates, inflation, and how governments can influence economic performance. GDP is the total value of goods and services produced in a country in a year, and can be calculated through expenditures on consumption, government spending, investments, and net exports. Unemployment rates measure what percentage of the labor force is unemployed, and different types of unemployment include structural, frictional, cyclical, and seasonal. Inflation is measured through the Consumer Price Index, which tracks price changes in a basket of consumer goods and is used to calculate inflation rates.

1. Chapter 9 Introduction to Macroeconomics