1002-ch10曼昆 宏观经济学
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Gross Domestic Product (GDP) measures total income of everyone in the economy. [later: more formal definition] GDP also measures total expenditure on the economy’s output of goods and services (g&s).
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
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
9
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
Gross Domestic Product
Data USA: Bureau of Economic Analysis (BEA), Department of Commerce / (/national/xls/gdplev.xls) HK: Census & Statistics Department .hk/home/index.jsp (.hk/FileManager/EN/Content_802/nat_acc ount.pdf) releases the information every quarter
…the market value of all final goods & services produced within a countrห้องสมุดไป่ตู้ in a given period of time.
Final goods: intended for the end user
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).
Hong Kong nominal GDP (2007): HK$1,615.0 billions GDP per capita: HK$ 233,185 (US$29,896) USA nominal GDP (2007): US$14,077.6 billions population (est.): 301,290,332 (US Census Bureau) GDP per capita: US$ 46,724 nominal GDP: measured at current prices
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
8
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
Gross Domestic Product
1
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
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.
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
2
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
(1) Income and Expenditure
6
Markets for Factors of Production
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
10
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
Gross Domestic Product (GDP) Is…
PRINCIPLES OF
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?
Revenue (=GDP) G&S sold
Markets for Goods & Services
Spending (=GDP) G&S bought
Firms
Factors of production Wages, rent, profit (=GDP)
Households
Labor, land, capital Income (=GDP)
CHAPTER
10
Measuring a Nation’s Income
Economics
N. Gregory Mankiw
Premium PowerPoint Slides by Ron Cronovich
© 2009 South-Western, a part of Cengage Learning, all rights reserved
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
5
Households
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
The Circular-Flow Diagram
For the economy as a whole, income equals expenditure because every dollar a buyer spends is a dollar of income for the seller.
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
…the market value of all final goods & services produced within a country in a given period of time.
Goods are valued at their market prices, so: All goods measured in the same units (e.g., Hong Kong dollars, U.S. dollars) Things that don’t have a market value are excluded, e.g., housework you do for yourself.
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
7
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
(2) Gross Domestic Product
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
11
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
Gross Domestic Product (GDP) Is…
To understand macroeconomic issues, we first need information (data).
One very important (may be most important) concept: Gross domestic product (GDP) Paul Samuelson and William Nordhaus: “GDP … among the great inventions of the twentieth century” (cited in Survey of Current Business, Jan 2000, 6-14) /scb/pdf/BEAWIDE/2000/0100od.pdf
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
4
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
The Circular-Flow Diagram Households: own the factors of production, sell/rent them to firms for income buy and consume goods & services Firms Firms: buy/hire factors of production, use them to produce goods and services sell goods & services
3
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
The Circular-Flow Diagram
a simple depiction of the macroeconomy illustrates GDP as spending, revenue, factor payments, and income Preliminaries:
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
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
9
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
Gross Domestic Product
Data USA: Bureau of Economic Analysis (BEA), Department of Commerce / (/national/xls/gdplev.xls) HK: Census & Statistics Department .hk/home/index.jsp (.hk/FileManager/EN/Content_802/nat_acc ount.pdf) releases the information every quarter
…the market value of all final goods & services produced within a countrห้องสมุดไป่ตู้ in a given period of time.
Final goods: intended for the end user
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).
Hong Kong nominal GDP (2007): HK$1,615.0 billions GDP per capita: HK$ 233,185 (US$29,896) USA nominal GDP (2007): US$14,077.6 billions population (est.): 301,290,332 (US Census Bureau) GDP per capita: US$ 46,724 nominal GDP: measured at current prices
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
8
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
Gross Domestic Product
1
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
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.
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
2
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
(1) Income and Expenditure
6
Markets for Factors of Production
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
10
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
Gross Domestic Product (GDP) Is…
PRINCIPLES OF
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?
Revenue (=GDP) G&S sold
Markets for Goods & Services
Spending (=GDP) G&S bought
Firms
Factors of production Wages, rent, profit (=GDP)
Households
Labor, land, capital Income (=GDP)
CHAPTER
10
Measuring a Nation’s Income
Economics
N. Gregory Mankiw
Premium PowerPoint Slides by Ron Cronovich
© 2009 South-Western, a part of Cengage Learning, all rights reserved
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
5
Households
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
The Circular-Flow Diagram
For the economy as a whole, income equals expenditure because every dollar a buyer spends is a dollar of income for the seller.
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
…the market value of all final goods & services produced within a country in a given period of time.
Goods are valued at their market prices, so: All goods measured in the same units (e.g., Hong Kong dollars, U.S. dollars) Things that don’t have a market value are excluded, e.g., housework you do for yourself.
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
7
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
(2) Gross Domestic Product
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
11
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
Gross Domestic Product (GDP) Is…
To understand macroeconomic issues, we first need information (data).
One very important (may be most important) concept: Gross domestic product (GDP) Paul Samuelson and William Nordhaus: “GDP … among the great inventions of the twentieth century” (cited in Survey of Current Business, Jan 2000, 6-14) /scb/pdf/BEAWIDE/2000/0100od.pdf
ECON1002 C/D (2011) Chapter 10: MEASURING A NATION’S INCOME
4
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
The Circular-Flow Diagram Households: own the factors of production, sell/rent them to firms for income buy and consume goods & services Firms Firms: buy/hire factors of production, use them to produce goods and services sell goods & services
3
© 2009 South-Western Principles of Macroeconomics, by N. G. Mankiw. Mankiw
The Circular-Flow Diagram
a simple depiction of the macroeconomy illustrates GDP as spending, revenue, factor payments, and income Preliminaries: