Economics Calculators

Macroeconomics

  • Average Propensity to Save – The percentage of total income that is put into savings.
  • Average Propensity to Consume – The ratio of consumption to total income.
  • Consumption Function – Calculates the relationship between consumption and disposable income.
  • Fisher Equation – Connects the relationship between real interest rates, nominal interest rates, and inflation.
  • GDP (expenditure and income approaches) – A measure of all goods and services produced over a period of time.
  • GDP Deflator – The difference between nominal and real GDP.
  • GDP Growth Rate – The difference in GDP between two years.
  • Income Elasticity of Demand – How much the demand for a good or service will increase if income increases.
  • Inflation Rate – The amount the CPI (consumer price index) is increasing.
  • Labor Force Participation Rate – The percentage of people who are in the labor force (number of employed and unemployed) out of all people in the population.
  • Labor Force – The total number of people who are employed or unemployed.
  • Marginal Propensity to Consume – The amount consumption will increase (or decrease) for every increase (or decrease) in disposable income.
  • Marginal Propensity to Import – The amount imports will increase (or decrease) for every increase (or decrease) in disposable income.
  • Marginal Propensity to Save – The amount savings will increase (or decrease) for every increase (or decrease) in disposable income.
  • Money Multiplier – The maximum amount of commercial bank money that can be created in a fractional-reserve banking system.
  • National Savings – Total of both public savings and private savings in an economy.
  • Net Capital Outflow – Measures the flow of capital in and out of an economy.
  • Net Exports – Total exports in an economy minus total imports.
  • Public Savings – The excess revenue a government brings in over their expenses.
  • Private Savings – The amount an economy saves. Calculated as total income less taxes and consumption.
  • Quantity Theory of Money (Money Supply, Velocity, Average Price Level, and Volume of Transactions) – Balances the price level of goods and services with the amount of money in circulation in an economy.
  • Real Exchange Rate – An indication of what an equivalent good would cost in your economy.
  • Real GDP – A variation of GDP adjusted for price changes such as inflation and deflation.
  • Real Interest Rate – Interest rate adjusted for the inflation rate.
  • Savings Function – Describes the relationship between income and consumption. Paired with consumption function.
  • Spending Multiplier (Save and Consume) – The expectation of how much activity an investment will make.
  • Tax Multiplier (Simple and Complex) – The amount that a decrease in taxes will generate in the economy.
  • Unemployment Rate – The ratio of unemployed people to total people in the workforce.

Microeconomics

  • Accounting Profit – Method of calculating profit. Used for taxation purposes.
  • Average Cost – The average cost per unit produced.
  • Average Fixed Cost – The amount of fixed cost per item produced.
  • Average Variable Cost – Cost per unit of costs that are variable.
  • Average Revenue – The revenue received per item sold.
  • Cross Price Elasticity of Demand – How much the price change of one item will affect the demand of another item.
  • Economic Profit – Method of calculating profit. Used to determine current value instead of taxes.
  • Elasticity – How much one thing (such as quantity) changes when another thing (such as price) changes.
  • Marginal Cost – The cost of producing one additional unit. Indicates an incremental cost change.
  • Marginal Product – The ratio of change between an input and an output.
  • Marginal Revenue – Incremental revenue from selling an additional unit.
  • Midpoint Elasticity – An alternate way of calculating elasticity.
  • Price Elasticity of Demand – How the quantity demanded will change when the price changes.
  • Price Elasticity of Supply – How responsive supply of an item is in relation to changes in its price.
  • Profit (from total and average) – The amount of money a firm makes. Calculated as revenue minus expenses.
  • Total Cost – All the costs of the firm. Includes fixed costs and variable costs.
  • Total Revenue – All the money a company receives for all the goods and services it sells.