Economics Fundamentals — The dashboard lights that show how an economy is doing.
Macroeconomics zooms out to the whole economy. A few key indicators act like dashboard lights for how it is doing.
GDP: Gross domestic product: the total value of goods and services an economy produces in a period.
Unemployment rate: The share of the labor force that is jobless and actively looking for work.
Economies move through expansion, peak, contraction, and recovery. A recession is a significant, broad decline, often two consecutive quarters of falling GDP.
Real GDP strips out inflation, so it shows true output growth. Nominal growth minus inflation gives a rough real growth figure.
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