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AP Macro Review Session 2 (Chapters 6-8)

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Economic Indicators - GDP, Inflation, & Unemployment

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hey guys I kind of embarrassed to say I've been doing this for 7 minutes and I forgot recipe on air button so feel free to laugh at me in the comments that I've been talking to myself for 7 minutes without talking to y'all just a reminder for those that that I have not joined us before on the left side of your screen you can do you can do the messages I massage if you have questions I'm going through passed away so let me start this over again and I repeat everything that I've already been so here we go we're talking about measuring economic growth tonight though bdp unemployment and inflation this goes along with your textbook chapter 6 through 8 it goes wrong with your workbook at 2 I used to throw 6 so be sure to go back and review those things as you're preparing for your AP exam so we start with first domestic product GDP and when we talk about GDP it is a dollar value of all final goods and services produced within a country's border Within one year so we're looking at what we are producing with the resources that we have available to our so with Nissan having a plant in Southaven that particular plant even though is owned by a company that in that exist in a foreign country that particular plant is or whatever is. There's going to add to the GDP of the United States the reason why it's adding to ours was it is utilizing the resources here in the United States but utilized in the resources in any other countries to account for our if Ford had plant in litzy France  would not include any of those would not include any of those cars in our GDP because you utilizing the resources of France your expenditures approach and your income approach rays of calculating GDP if you're dealing with your expenditures approach what we're doing is we're doing his granting of all the spending in our economy what about circular flow last session we talked about how circular flow we have households and businesses the government they're all working gather to create some sort of good or service so when we talked about the expenditures approach were looking specifically at the finding that is done play all of those sectors of our economy so when you calculate GDP you have your C + I + C + the x - M portion in your equation he standing for consumption so that's any spending by consumers I standing for investment so that any sing by businesses G standing for the government through that any spending on goods or services by the actual government and then your export take away your import typically for us this number is going to be negative 6 weeks bring more Goods into the country than we actually send out so typically that net foreign factor is going to reduce our particular GDP if you do things as the income approach you're doing is your adding up all of your income that is earned in the economy so you're looking at ways that you and individual or a business government any of them can have some sort of earnings off of what's going on so when we deal with GDP soften times we do the income approach refer to as your national income you looking at calculating your wages push any rent plus any interest and profit if you are looking at your workbook as you study and you go through less than 2 and unit two of your workbooks that is y pricing on GPS going through asking you things like is this going to be included in GDP yes or no and then asked you when you flip the page sector of our economy is doing this particular spending so you are on the income approach my understanding is that they like to focus a lot on the expenditure approach you're going to see some questions about the income approach as but more from the expenditure side we have two other types of GDP that we talked about nominal and real when we talk nominal GDP we're talking about measuring with happening in our economy in current prices so we say that a country has a repeat currently of 25 billion dollars then what we're staying in that situation if it's not that were using today's price do identify that 25 billion dollars that 25 billion dollars would be in by 25 billion dollars worth of goods and services at that time there is no account for inflation when you're dealing with nominal GDP real GDP on the other hand is the adjustment for inflation this has happened this has happened so that works pressing dissed in constant dollars it's a way for us to be able to compare what happened in past versus what's happening now so it's an apples-to-apples comparison with your GDP there are three things not included in GDP as listed on your screen versus anything referred to as an intermediate good an intermediate good is something that we're using goes into production of another good though most often we use the example of a car when we use the death of a car whenever you're dealing with that  you count the car as a whole so we don't identify the car as it ended part we're not identifying the tire the steering wheel the radio the speech the engine wear identify their individual pieces count the car in GDP and each of those individual pieces we can't just the car now if you have to have your trans chain replaced that is going to be counted GDP because that is a replacement item that is perfectly fine but we don't count in the original purpose of that would create double-counting double-counting will create a problem with your it will it will overestimate your GDP non productive transactions so we don't count use good if you have a yard sale or garage sale play something I can find the sale of you buy a used car from a used car lot in Yvette none of that is going to be counted in GDP because it's already been counted what's before once again that would create double-counting and it would create an overestimation of our actual GDP dollars we don't want that to happen either we don't Financial transactions over not counting any type of sale of stocks or bonds we don't count transfer payments like Social Security or disability or unemployment or anything like that because counting those things is just a transfer of money remember we identified transfer payment we said or just think money from one place to another and for your social security and disability things like that goes we don't count those because it's just the movement around of not creating anything new the stocks and bonds are not creating anything new at that time so we can't count them your non-market at reviews anything illegal so if you have somebody that chooses to sell drugs not counted in GDP because that is something that is happening legally it's not something that is monitored by your government we then went into business Cycles you should remember this lovely grass that we talked about throughout our time in class and each of our parts on this graph we were able to label whenever you are at your maximum of what you're able to create with the resources provided at that time with the money that people have to be able to participate in economic transactions we identified that we are in the peak of some sort of business cycle I can't improve any more right now than what we already have our output is currently maximize we cannot do better what fastest we have to have access to more resources so that we can continue to have our economy grow when you get to that downturn in the economy that downturn oftentimes is called a contractionary. It is just too as your economy is starting to decline when we get to a period of decline where are GTI real GDP is declined for 6 months in a row or longer is officially classified as a recession I have a downturn in the economy without it actually being classified as a recession but when you hit that identifier part of six months or longer than we we identified pacifically as a recession repression is going to be a severe and prolonged recession we haven't had one since the Great Depression the things that we put into effect after the Great Russian with FDR's New Deal has helped keep us at a level where we don't see those big dip like we used to see but there is no actual defining portion of this business cycle graph that would identified as a depression like you do a recession is just more severe more prolonged when we were at when we had the Great Depression our unemployment rate reached over 25% so it's a way of trying to explain what's happening at that point when you hit that trough it is the lowest point in that cycle so you may in a recession or depression at that point but it is the lowest point of that economic activity  when you start to move up the screen portion of the line you're going to recovering from the downturn so I'll is beginning to improve your employment rate is beginning to climb once again when you're in that recession or is that depression or just a Down train your economy your unemployment level is spring to decline the output levels of your factories are starting to decline as well you're going to see more of a excess capacity in your factory so things are going to be different in that section if you have this growth trend all the growth trend line is identifying that over time what has been the overall occurrence of this business by are we continuing to grow over time or do we have any, that declines tremendously over time the growth trend line is just a way of identifying what has happened over in the economy over time fun business Michaels we go to talking about measuring ointment so how do we go about measuring unemployment remember there are different types of unemployment you have frictional structural cyclical we also have remember seasonal unemployment is just that you have a job that does not last for the entire year frictional unemployment is when you have people that are temporary unemployed or they may be a situation that they are between jobs if you get out of college and let's say you have a green engineering and you're looking for a job in engineering and you can't find one right away that you are going to be in frictional unemployment that point you are qualified to work you have steal that you were able to use for more than one type of job but you just can't find a job at the time you were just an in-between state if you're dealing with structural this is an idea that the labor force has actually changed these are jobs that are going to be changed with some short away and once they're gone they're not coming back so in standard today I was teaching about unemployment and I identified that if you were working at Chick-fil-A Chick-fil-A decide to replace all the cashiers in the in the front with some sort of touchscreen machine that allows you to order from the screen then all of those jobs for those cashiers would completely go away they're not coming back the industry has is the way that they go about doing business in this manner the structure of the industry has changed so structural unemployment is when something like that happens are you to be able to get another job you have to be trained to do something differently you may have to go to school get some other type of training what you were doing on with that particular job may not transfer to another job okay you are frictional and your structural unemployment will always remain these are things we cannot get rid of in any sort of way people will always be between jobs we will please have new production method that will replace people in their position so these particular types of unemployment will always say Google on the other hand is the one that results from our changes in our business cycle so if we have that recession happens in we said that unemployment begins to increase during a recession or any other type of downturn if that particular situation cyclical that's what you're going to spend those people losing your job because of a change in a business cycle that is what Primus are hoping to achieve their hoping to achieve a situation where they can identify that we have gotten rid of the cyclical unemployment so if we are able to rid our economy of cyclical unemployment if an appointment is zero then we say that our economy is in employment at that time we are still fully if we have four structural  but we have no cyclical unemployment that is we need to be able to calculate your unemployment rate  your unemployment rate remember uses your for your labor force is the number of employed workers  in addition to the number of people who are unemployed but they're looking for work whatever we talked about that maybe you have a parent that stayed home to raise the kid that person was not looking for a job they not work not to work and said they chose not to work they're not looking in any sort of way so they're not part of Labor Force the labor force is the addition of those two sectors of our economy so I know it's small down there but your unemployment rate is given as a percentage you have your number of people unemployed and looking divided by the total number of people in the labor force and multiply that is 100 so you can get your you can get your persistent I'm every single test whether it is in standard apy to ask you questions to make did that you know what goes into calculating unemployment rate they will give you more information than you need so if you see something mentioned about a group of workers that are just unemployed you typically don't count those you're looking for the descriptor of the fact that these people don't have a job but they're currently looking for one you're going to get more information than you need remember you're calculating this without a calculator so all terms are going to give it to you and numbers that you are able to calculate quite easily so if we said that your number of unemployed and looking with 10% out with 10 million and your number of people who have a job is 40 million and that would be 10 million to by 50 million or 1/5 you can figure out that is 20% something that you're able to figure out on your own that you do not need you have some free calculates not to take you for a long time to calculate these particular thing if we are fully employed then we are and what we what are natural rate of unemployment so at this point this is what is considered to be economically healthy this is unemployment exist because our economy is doing well for us at somewhere between four and six percent oftentimes we narrow it down a little bit before 5 as of last Friday it our jobs report identified that we were at four and a half percent so we are currently still in our natural rate of unemployment image we've been there all last semester we stayed there throughout the semester so we are considered a tarnish rate of unemployment which means we are considered at this time if we're looking at just that if you dig in a little bit further and try to identify are we at 0% cyclical right now you can turn that question better  then we have what's referred to as the GDP Gap the GDP Gap and tells you is the amount by which actual GDP fall short of pretend because of unemployment so we're looking at where could we have actually been versus where are we actually due to changes in our employment level so that GDP gas is something that you might even sleepy there as well your unemployment rate their issues with the unemployment rate is not the most accurate number Unemployment is understated bit and there are reasons for that we have people that were looking for job they cannot find a job so they gave up looking these or are just are job Seekers these are people like it said they are no longer looking for a job because they gave up they could not find one they are no never counted in GDP even though they used to be a member of the labor force once they stop looking they are no longer counted in that unemployed and sing number your underemployed workers the unemployment rate calculate the person with a full-time job and a person with a part-time job equally so if you were looking for if you were looking for job and all you could find was a part-time job you're going to be treated equally with the unemployment as everyone else it it does not take into account people who are cash only workers so if you are a person that if your neck people that have a job and get paid cash which referred to as under the table then they are not going to be counted either so if we can't take all of these things into account but it is the best estimate we have unemployment but it is not the most accurate thing for unemployment so I see you're asking who's here is you Jeffrey and the just so you know Abigail was here but she's not there anymore your inflation rate is when the general level of prices goes up over time  so we're looking at the change in price so when were dealing with inflation we're looking at consequences of what can happen with inflation's though start to deal with the ability of people buying their purchasing power what can I get with the money that I have we've all had discussion with a person at one time or another I know that I've told you these types of things about me when we are class of what could I buy with this amount of money never I was jury how much did a movie cost how much was a gallon of gas whenever I was your age so what were identifying those level at level of price has gone up over time but what can I actually buy with the money that I have so Elation is going to affect your purchasing power as prices go up if your income does not increase as well you're not able to purchase as much when you talk about the value of the dong you have your nominal value of the dollar which is your actual value versus your real value which is what you can actually buy so if I were to put $100 bill under my bed and keep it there for 5 years that hundred Uncle would still be worth $100 the nominal value but it would buy less five years later than it would in the previous five years that is the real dollar of the value what can I actually get with my money  you have anticipated inflation what is expected for any price resources an anticipated inflation that is when we have inflation happens that we didn't expect this to happen if you are person who loans me out to people if you save money if your person on a fixed income you are going to be hurt by these particular types the reason why if you're looking at the lender lenders are loaning money out with an interest rate if the interest rate is 10%  but the inflation rate over the life of that loan ended up being 15% then that lender actually lost 5% off of that particular loan nominal does not inflation at all nominal is just what the dollar is worth now it's what is on the bill $100 or $100 real is what I can buy on a rock the lender cannot earn as much money because their interest rate did not fluctuate with inflation so your real rate of interest it says is your nominal rate of interest you have your rate of interest with your real age of it rate of interest remember what you're doing if you're taking your inflation rate and your interest rate in your tracking them from each other that gives you your real interest rate so like I said if you had a 10% interest rate but your inflation rate was 15 you're really rate of interest with a negative 5% okay so you didn't pay as much the lenders lost money off of this favors are going to be smione anticipate inflation as well because their money is not going to gain as much interest in an account if not going to get as much people are on fixed income of their money isn't adjusting as well and you if you're a borrower you paid 5 less interest in our specific situation that we gave here there different causes you have demand pull over we said demand pull inflation was a consumer cause inflation as it says there's too much money chasing too few goods people are expecting more of a like to be created and their demand for that particular product causes the price to ride we're ready to spend all of our money we just want to spend our money so the producer identifies in this situation that there's a higher interest in that particular product so they raise the price  cost-push inflation is more of a production side issue cost-push inflation is when your cost is when you're per unit cost of production increases 2002 price to go up so minimum wage increases let state of $10 an hour a producer is going to have two options here whenever it come dealing with how to handle that increase minimum wage I can let go of some of my workers because now costing me too much or I can raise the price my product and keep all workers on my payroll oftentimes they choose to raise the price therefore we poor put back in our same situation again wage-price spiral is a self-perpetuating change in and I'm wages the idea that wages increase so produces reacts with a price increase over time over there they are bosses and identify that due to changes in cost of living with prices increase they want to wage increase which overtime folding cost price increase so they're fighting against each other they're creating the increase in price because of what's Happening when the government has deficit spending when they're borrowing money to be able to pay for goods and where does the government provide because they've spent more than they earned you didn't have what's referred to as your crowding-out effect where they're borrowing money and remember the government has the biggest pocket they can spend more than everybody else as more people descend upon Market to bar Armani all the all that will lead to an increase in interest rates the government you're the one that can afford to pay the higher grade I know how do you fix demand pull inflation part of this is going to go back to our monetary policy with our control about the money supply if we have too much money chasing too few good part of what can happen is you can control the supply of money so there's not too much money out there the other part of this is something that can't be fixed we are a society that exist with your see we want an unlimited amount things with the limited amount of resources available so we're always wanting something else in this case we're pushing for something else is causing a price increase to happen with it so if you're having a situation of too much money in circulation in that demand cool pull inflation can be pulled back bit by controlling your money supply little bit better otherwise you're just dealing with a situation of we want too much so that is something we cannot fix the last one is the growth of the money supply so if you have your money supply growing faster than you have GD then your prices are going to ride if you've increased your GDP by let's say 20% in one year if you have your money supply grow faster than 20 grow more than 20% you're going to have money that exist within society that wasn't in a manner that was deemed to be acceptable number we have our situation that we talked about with and changes in money by where we create money by you doing economic transactions by spending on goods and services borrowing money is our money creation  deposit money in bank if we create too much too fast then you're going to see inflation start to change over time to measure inflation we typically for AP or going to see one of two things you're either going to calculate using your Consumer Price Index or your GDP deflator  for Consumer Price Index GDP deflator depends which one you use based on the information that is provided to you if they're referring to in the ear questions if they're referring to Market baskets I'm going to Consumer Price Index they're referring to your nominal GDP real GDP you're going towards the GDP deflator instead so depending on what information is asked of you will determine which one you your severe expected to you when we talk about consumer price index where identifying The Market Basket that 360 issue item list of goods or services that were tracking price of these items over time so if you're trying to talk about a change in price from one year to another can track the value of the basket and found out the percentage change in that basket remember we always compared to a year that is referred to as your base year so your base year is what you're comparing two if I'm saying that I want to know what the change in prices has been from nineteen 2 to 1980 and 1972 would be my base Year 1980 would be my current year in that situation remember a base year always has a consumer price index of 100 so the reason why that works is because if I'm trying to delete the price index for 1972 then the value of the Market Basket from 1972 will count is my current year in my base year so when I do divided by each other it's going to be one month way that 100 then I have because your price index of 104 my base year I do this let's say that whenever I put my 1980 Market Basket value over my base your Market Basket value and i x 100 and I get 126 remember that means that from 1972 to 1980 I had inflation rate of percent K always subtract that 100 base year and you'll get your inflation rate in that matter if you're doing the GDP deflator this is using your GDP nominal and real values this is the most accurate but we don't use this as often because GDP numbers are not always readily available the Market Basket value is really available so you could share price index is most often because if we have that information most readily available do you have your novel GDP divided by real GDP multiply that by hundred fishing rate for that particular year so you looking at your current dollars / your adjusted for inflation dollars and go from there they might ask you for example if they give you your nominal GDP and then they give you your GDP deflator what is your real GDP using your math you would be able to figure out how to do those particular things so practice for us real quick so quick practice in the same basket in the base year was $500 what is my Consumer Price Index give me a quick calculation tell me in the comments what is my consumer price index that year I didn't ask for the inflation on asking for the Consumer Price Index you should have 550 divide that by 500  and multiply that answer by and tell me what we get in the Comets thank you Jeffrey we're at 1:10 so you calculate the CPI make sure you identify if you're asking for CPI or if they're asking for the inflation rate in this case of asking for the CPR so if you are text Fred given year is 90 and a change in the price is between that year and the base year is what so tell me what my inflation rate would White  in my comments what's my inflation rate for second one API is 90 so what happened alright guys responding I'll give you I'll give you an idea what's happening here in our in our original special we said that bass ear is always going to be worth is always going to be identified as a hundred so if you have a CPI of 90 that means between the That Bass year and the next year prices declined so in this case the changes in negative 10% prices declined by 10% can you rent from the base year to that current year so anytime your Consumer Price Index is less than 100 it means that you had deflation prices when so you have a nice little chart you might see chart like this in your free response question that's a good place to go with something like this so we have short for 2009 2010 2011 I give you the Market Basket value for each one I tell you is the base year 2009 what is going to be my 2010 Consumer Price Index will be my 2011 I give you base your 2010 I want to know what it was the previous year versus what it is the next year so 2010 the base year of 2009 you should have $40 / $20 multiply that answer by 100 is Michael price index for 2010  figure it out tell me in the comments 200 it is you go down to 2000 Levin's $50 / $20 on a rug is so nice you to tell Jeffrey you're smart $50 / $20 x 1 what's our price index at that point 50 / 20 it is 250 thank you Savannah good job alright very easy to now we're switching it up so now your denominator is going to be 40 so 20 / 42 make my 2009 Consumer Price Index and what do we get it is 50 a good job 2011 50 / 40 what is my Consumer Price Index navigate one is not too much math okay well it won't be Zach hi Savannah but you have an extra zero it's 125 so basic base year is 2010 50 lower 40 we have 125 as our consumer price index for that year alright Abigail that was way too much math no we're going to start calculating some of these things so we're coming back to GDP deflator let me come back a little bit remind you where we going JD free Katy Perry GDP deflator nominal GDP divided by real GDP x 100 okay real quick before we get to their Jeffrey wants to know what were the hundreds in that chart that your base your that your base your Consumer Price Index there free remember you're always has a CPI 100 so since I'm telling you that bass years 2009 and 2009 automatically has a 100 is your price index if the base year is 2010 I gave you the 100 because that is your picture price index for that year so you only count where the question mark for alright so GDP deflator you have okay Savannah you have the same questions I got it nominal GDP is 100 billion dollars is 80 billion so we are trying to calculate our GDP deflator at this point so if you recall our equation we said that it was nominal divided by real GDP x 100 or give you your G repeat deflator 125 says on a rock he is correct the GDP deflator is 125 because prices are 25 percent higher from the base year 25% higher than the base year so you're going to get rid of that 101 again and calculate from there so little bit different here you have real GDP of 100 billion and the GDP deflator is to so what was my nominal GDP around he got to give me the millions or billions to go with it so make sure you know you don't forget that but for looking at 200 billion over here okay so just use  use whatever you need with math Legend I was moving from one side to another to identify this so Savannah wouldn't math is he doing over here what's happening is that he multi seek out really on a rug come on now  he's moving this over from one side to the next so you have to identify so here we go  we want to cancel things out from one side to the next so on this I we have equals GDP for whatever you do this side you're going to do this side as well so we're moving something over for one side so that's where he's gone real GDP is 200 billion dollars GDP deflator is 120 what is are nominal next 40 billion that is correct alright for you for us so that we can move along a little bit more cuz we only got a few more minutes nominal GDP ES 300 billion deflator is 150 in that sense real GDP would have been to billion dollars nominal GDP is 100 billion GDP deflator is 125 real GDP the same thing as question number one we just move the numbers around so real GDP in this case would be 80 billion dollars so you just moving things around in that case other things that we need to recall deflation of deflate when is a decrease in the general level of prices of inflation were bringing those prices up deflation were bringing the price and down  when were May comparisons which one is worse inflation or deflation the answer is going to be that deflation is the worst one in this situation because are you have deflation businesses or not making as much money when they're not making as much money they look for ways to make Cuts within the business they do is that they cut employment so deflation oftentimes is going to lead to a higher rate of unemployment that's worse for iconomy will not be able to spend as much money so there's ever a situation of which one is the worst situation deflation is the worst you can disinflation  where the rate of inflation goes down so prices are still going up but they're not why does much as they were so if you if you had an inflation rate of 2% last year and this year you have inflation rate of 1.75 any state of disinflation prices are still going up but they're going up in a rate that was lower than the previous year  you didn't have the lacity of money on the average time the average number of times $8 is going to be spent and repent in a specific is measured tip again I did this event today I put ration it goes to be ratio is usually measured as a ratio gross national product to a country's total money supply so you would have GNP over the total money supply that would tell you your velocity of money on Oregon today you were asking me about whether or not gross national product questions would be asked if you're going to see gross national product questions asked often times it's going to begin with see if money how many times dollars going to be spent angry spent within a period of time Euros national product / your country for money I will give you your if you have a higher velocity of money relative to others what happens is that you have a Tennessee to be at a different place in the business cycle so if you're comparing two countries and one is coming out of a trough and one is in a period of expansion already in what you're going to have there that country that is already in that period of expansion is going to have a higher velocity of money then a country that is coming out of that particular troll or not fitting as much money when you're in that truck when you're in that downturn so those types of things are going to be affected by this last thing is your quantity theory of money today  so when we deal with quantity theory of money we're assuming that that works for me that increases in the quantity of money for 10 to be created by inflation inflation and vice-versa inflation because of an increase in the quantity of the actually actual money we're looking at mechanical and fixed proportional ship between changes in the money supply in the general price level so it takes into account all of our things we have in the guys how much money is there available what is our money supply what is the velocity of money what is the average time $2 will be spent in recent years, what is the level of prices in your economy and what is the class output that you expect from that particular economy queso going through your problem down here if you're going to experience glossy of money this is how we're going to does suicune the amount of money is 5 amount of money available $5 you beat you up and being used to buy 10 products with a price of so you're feeling in both sides of this in this case were missing the velocity so I'm asking what is the velocity of money at this point yes or no it is 4 so if the velocity and output the exact the same would happen to the amount of money what happens when the amount of money increases dollars in this case the price level will double as well bang the price level is going to double if we double the amount of money that we have if you still in your actual um  you actually quation that provide it right there  now I know I mentioned this in micro today but here we go if you want off of yourself a screenshot if you're looking I'll come back to your question on a rod for what does GNP measure if you're looking for some topics that you can look at to go along with your study session  to help you with free response what do you have listed in here is Pacific questions in your AP control that goes along with these particular topic there may be one part of the question it may not be the entire question that goes with but you can find the topics that we talked about this evening in the questions that I listed here now from unit 1 there's not a whole lot that they asked from unit 1 in your free response question if they're going to ask something and unit 1 in about unit 1 in your free spot it's going to be production-possibilities they're going to ask you about production possibly they're going to ask me to draw production possibly but but you can see they even asked an important question 3 last year it was there your questions about circular flow and you're absolutely compared to manage anything about supplying basic supply and demand not getting your aggregate that's going to go more into your multiple choice section alright anurag wants to know what is gross national product gross national product is an of your total value of all final products and services produced in a given period of time by the means of production action owned by that particular country the idea here is that it is an estimate often is going to be referred to as GDP of the only difference  the a difference in this is that GNP starts with your GDP but we're going to add investment income from overseas in this so if you have any overseas Investments were going to include that in our measurement from G4 G&P as well okay sequence of graphs from money supply to inflation to change in demand in macro or micro there's a graph of money supply to inflation to change fat is macro we didn't do that in micro that is later on whenever we talk about monetary policy I'm going to get to that Jeffrey so that's going to come up later in one of our next session I can remember that next week I'm on Thursday or the following week on Tuesday I'll be back will be doing aggregate so we'll start talking aggregate demand there are four more left Savannah soap for the next two Tuesdays  and the next play Thursdays after this week so or more for us to go through these particular topic I have so much strain on but y'all are getting a v I truly do think that y'all are going to do Wellness I think that y'all had enough practice with this now if you want practice just remind your remaining you that Tyson to see your real vs. nominal values that was less than 4 in unit 2 lesson 3 was inflation not inflation yeah less than five was the cost of inflation number and less than 6 in your workbook was about unemployment so there's things in there that you can press what we've talked about so if there are no more questions for the evening I will let you go  like I said I'll be back on Tuesday night we'll talk demand and aggregate supply will have things ready go from there  so if there are no more questions I hope you have a wonderful 3 Day weekend and I will see you soon have a good evening  thanks Abigail  Vienna next see you later

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