I guess I have to come out to reply to those who concern with the nature rate of unemployment. First, What is the natural rate of unemployment? It is assumed to be the unemployment rate at the steady state or equilibrium. Note that equilibrium here is not referred to the common demand-supply equilibrium, but to a state at which things are not changed, or remain the same. More specifically, suppose we can have an economy that could be expressed by the following dynamic system
Defintion: GDP is the total market value of all final goods and services produced by a country. Final versus Intermediate: By \final\, we mean the goods and service that are purchased for final use by purchaser and not for resale or further processing. The meaning intermediate is opposite to final. Value Added: GDP not only reflects the market value of final goods and service, but also reflect the income generated from producing these final goods and service
