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№1 слайд![Measuring a Nation s Income](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img0.jpg)
Содержание слайда: Measuring a Nation’s Income
№2 слайд![In this chapter, look for the](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img1.jpg)
Содержание слайда: In this chapter,
look for the answers to these questions:
What is Gross Domestic Product (GDP)?
How is GDP related to a nation’s total income and spending?
What are the components of GDP?
How is GDP corrected for inflation?
Does GDP measure society’s well-being?
№3 слайд![Micro vs. Macro](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img2.jpg)
Содержание слайда: Micro vs. Macro
Microeconomics:
The study of how individual households and firms make decisions, interact with one another in markets.
Macroeconomics:
The study of the economy as a whole.
We begin our study of macroeconomics with the country’s total income and expenditure.
№4 слайд![Income and Expenditure Gross](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img3.jpg)
Содержание слайда: Income and Expenditure
Gross Domestic Product (GDP) measures
total income of everyone in the economy.
GDP also measures total expenditure on the economy’s output of g&s.
№5 слайд![The Circular-Flow Diagram a](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img4.jpg)
Содержание слайда: The Circular-Flow Diagram
a simple depiction of the macroeconomy
illustrates GDP as spending, revenue,
factor payments, and income
Preliminaries:
Factors of production are inputs like labor, land, capital, and natural resources.
Factor payments are payments to the factors of production (e.g., wages, rent).
№6 слайд![The Circular-Flow Diagram](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img5.jpg)
Содержание слайда: The Circular-Flow Diagram
№7 слайд![The Circular-Flow Diagram](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img6.jpg)
Содержание слайда: The Circular-Flow Diagram
№8 слайд![What This Diagram Omits The](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img7.jpg)
Содержание слайда: What This Diagram Omits
The government
collects taxes, buys g&s
The financial system
matches savers’ supply of funds with borrowers’ demand for loans
The foreign sector
trades g&s, financial assets, and currencies with the country’s residents
№9 слайд![Gross Domestic Product GDP Is](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img8.jpg)
Содержание слайда: Gross Domestic Product (GDP) Is…
…the market value of all final goods & services produced within a country
in a given period of time.
№10 слайд![Gross Domestic Product GDP Is](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img9.jpg)
Содержание слайда: Gross Domestic Product (GDP) Is…
…the market value of all final goods & services produced within a country
in a given period of time.
№11 слайд![Gross Domestic Product GDP Is](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img10.jpg)
Содержание слайда: Gross Domestic Product (GDP) Is…
…the market value of all final goods & services produced within a country
in a given period of time.
№12 слайд![Gross Domestic Product GDP Is](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img11.jpg)
Содержание слайда: Gross Domestic Product (GDP) Is…
…the market value of all final goods & services produced within a country
in a given period of time.
№13 слайд![Gross Domestic Product GDP Is](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img12.jpg)
Содержание слайда: Gross Domestic Product (GDP) Is…
…the market value of all final goods & services produced within a country
in a given period of time.
№14 слайд![Gross Domestic Product GDP Is](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img13.jpg)
Содержание слайда: Gross Domestic Product (GDP) Is…
…the market value of all final goods & services produced within a country
in a given period of time.
№15 слайд![The Components of GDP Recall](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img14.jpg)
Содержание слайда: The Components of GDP
Recall: GDP is total spending.
Four components:
Consumption (C)
Investment (I)
Government Purchases (G)
Net Exports (NX)
These components add up to GDP (denoted Y):
№16 слайд![Consumption C is total](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img15.jpg)
Содержание слайда: Consumption (C)
is total spending by households on g&s.
Note on housing costs:
For renters,
consumption includes rent payments.
For homeowners,
consumption includes the imputed rental value of the house, but not the purchase price or mortgage payments.
№17 слайд![Investment I is total](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img16.jpg)
Содержание слайда: Investment (I)
is total spending on goods that will be used in the future to produce more goods.
includes spending on
capital equipment (e.g., machines, tools)
structures (factories, office buildings, houses)
inventories (goods produced but not yet sold)
№18 слайд![Government Purchases G is all](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img17.jpg)
Содержание слайда: Government Purchases (G)
is all spending on the g&s purchased by govt
at the federal, state, and local levels.
G excludes transfer payments, such as
Social Security or unemployment insurance benefits.
They are not purchases of g&s.
№19 слайд![Net Exports NX NX exports](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img18.jpg)
Содержание слайда: Net Exports (NX)
NX = exports – imports
Exports represent foreign spending on the economy’s g&s.
Imports are the portions of C, I, and G
that are spent on g&s produced abroad.
Adding up all the components of GDP gives:
№20 слайд![U.S. GDP and Its Components,](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img19.jpg)
Содержание слайда: U.S. GDP and Its Components, 2007
№21 слайд![Real versus Nominal GDP](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img20.jpg)
Содержание слайда: Real versus Nominal GDP
Inflation can distort economic variables like GDP, so we have two versions of GDP:
One is corrected for inflation, the other is not.
Nominal GDP values output using current prices. It is not corrected for inflation.
Real GDP values output using the prices of
a base year. Real GDP is corrected for inflation.
№22 слайд![EXAMPLE Compute nominal GDP](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img21.jpg)
Содержание слайда: EXAMPLE:
Compute nominal GDP in each year:
2005: $10 x 400 + $2 x 1000 = $6,000
2006: $11 x 500 + $2.50 x 1100 = $8,250
2007: $12 x 600 + $3 x 1200 = $10,800
№23 слайд![EXAMPLE Compute real GDP in](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img22.jpg)
Содержание слайда: EXAMPLE:
Compute real GDP in each year,
using 2005 as the base year:
№24 слайд![EXAMPLE In each year, nominal](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img23.jpg)
Содержание слайда: EXAMPLE:
In each year,
nominal GDP is measured using the (then) current prices.
real GDP is measured using constant prices from the base year (2005 in this example).
№25 слайд![EXAMPLE The change in nominal](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img24.jpg)
Содержание слайда: EXAMPLE:
The change in nominal GDP reflects both prices and quantities.
№26 слайд![Nominal and Real GDP in the](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img25.jpg)
Содержание слайда: Nominal and Real GDP in the U.S.,
1965-2007
№27 слайд![The GDP Deflator The GDP](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img26.jpg)
Содержание слайда: The GDP Deflator
The GDP deflator is a measure of the overall level of prices.
Definition:
№28 слайд![EXAMPLE Compute the GDP](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img27.jpg)
Содержание слайда: EXAMPLE:
Compute the GDP deflator in each year:
№29 слайд![A C T I V E L E A R N I N G](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img28.jpg)
Содержание слайда: A C T I V E L E A R N I N G 2
Computing GDP
№30 слайд![A C T I V E L E A R N I N G](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img29.jpg)
Содержание слайда: A C T I V E L E A R N I N G 2
Answers
№31 слайд![A C T I V E L E A R N I N G](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img30.jpg)
Содержание слайда: A C T I V E L E A R N I N G 2
Answers
№32 слайд![GDP and Economic Well-Being](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img31.jpg)
Содержание слайда: GDP and Economic Well-Being
Real GDP per capita is the main indicator of the average person’s standard of living.
But GDP is not a perfect measure of
well-being.
Robert Kennedy issued a very eloquent
yet harsh criticism of GDP:
№33 слайд![Gross Domestic Product does](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img32.jpg)
Содержание слайда: Gross Domestic Product…
“… does not allow for the health of our
children, the quality of their education,
or the joy of their play.
№34 слайд![GDP Does Not Value the](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img33.jpg)
Содержание слайда: GDP Does Not Value:
the quality of the environment
leisure time
non-market activity, such as the child care
a parent provides his or her child at home
an equitable distribution of income
№35 слайд![Then Why Do We Care About](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img34.jpg)
Содержание слайда: Then Why Do We Care About GDP?
Having a large GDP enables a country to afford better schools, a cleaner environment,
health care, etc.
Many indicators of the quality of life are positively correlated with GDP. For example…
№36 слайд![GDP and Life Expectancy in](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img35.jpg)
Содержание слайда: GDP and Life Expectancy in 12 countries
№37 слайд![GDP and Literacy in countries](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img36.jpg)
Содержание слайда: GDP and Literacy in 12 countries
№38 слайд![GDP and Internet Usage in](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img37.jpg)
Содержание слайда: GDP and Internet Usage in 12 countries
№39 слайд![CHAPTER SUMMARY Gross](/documents_6/ec8f372c0ddd8037dc1fc2ef6f770973/img38.jpg)
Содержание слайда: CHAPTER SUMMARY
Gross Domestic Product (GDP) measures a country’s total income and expenditure.
The four spending components of GDP include: Consumption, Investment, Government Purchases, and Net Exports.
Nominal GDP is measured using current prices. Real GDP is measured using the prices of a constant base year and is corrected for inflation.
GDP is the main indicator of a country’s economic well-being, even though it is not perfect.