Explain the terms Gross Domestic Product (GDP) and Real Gross Domestic Product

Find and interpret economic data

Federal Reserve Economic Data | FRED | St. Louis Fed (stlouisfed.org)

Explain the terms Gross Domestic Product (GDP) and Real Gross Domestic Product (RGDP).

Create a single graph that shows both of these measures for the period 2000 – 2021.

Explain the difference between the two lines on the graph.

Interpret what the graph says about economic output and growth in the 21st century to date.

RGDP per capita is often used as a measure of overall progress. Create a graph for 2000– – 2021 and interpret what it shows.

Explain the term Unemployment Rate.

Create a single graph showing the Unemployment Rate for the period 2000 – 2021

Some interesting questions about unemployment include the rates for (a) women versus men, (b) unemployment by age group, (c) unemployment by ethnicity. Create three separate graphs for the period 2000- 2021 and comment on what they tell us.

Research the term Structural Unemployment. Find the best FRED data on this measure and create a graph showing the total and structural unemployment rates for 2000 – 2021. Comment on what it tells us.

Another interesting measurement is the Labor Force Participation Rate. Explain what this means by creating a graph showing the time period 2000 -2021 and interpreting what the graph shows.