曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件
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曼昆《经济学原理》(宏观经济学分册)英文原版课件——25production-growth
Production and Growth
• In the United States over the past century, average income as measured by real GDP per person has grown by about 2 percent per year.
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Why Productivity Is So Important • Productivity refers to the amount of goods and
services that a worker can produce from each hour of work.
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How Productivity Is Determined • The inputs used to produce goods and services
are called the factors of production. • The factors of production directly determine
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ECONOMIC GROWTH AROUND THE WORLD
• The poorest countries have average levels of income that have not been seen in the United States for many decades.
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Production and Growth
曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件——26saving_investment
Some Important Identities • Assume a closed economy – one that does not engage in international trade: Y=C+I+G
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Some Important Identities • Now, subtract C and G from both sides of the equation: Y – C – G =I • The left side of the equation is the total income in the economy after paying for consumption and government purchases and is called national saving, or just saving (S).
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Financial Intermediaries • Banks
• Banks help create a medium of exchange by allowing people to write checks against their deposits.
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Financial Intermediaries • Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers.
最新曼昆经济学原理第三版宏观分册原版中英文双语PPT课件Chap5课件PPT
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生产与增长
生产率 是指一个工人一小时生产 的物品与劳务量。 一国的生活水平决定于它的工人 的生产率。
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Economic Growth Around the World 世界各国的经济增长
Living standards, as measured by real GDP per person, vary significantly among nations. 人均实际GDP数据表明各国生活水 平差别很大。
Table 1 The Variety of Growth Experiences
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表1. 不同的增长经历
国别
时期
期初人均GDP 期末人均GDP 增长率（每年）
日本
1890～2000
巴西
1900～2000
墨西哥 1900～2000
加拿大 1870～2000
长 的 时 间 隧 道，袅
理第三版宏观分册原版中英文双语P
Production and Growth 生产与增长
Chapter 25
Production and Growth 生产与增长
A country’s standard of living depends on its ability to produce goods and services. 一国的生活水平决定于它生产物品 与劳务的能力。
【精品PPT】曼昆--《经济学原理》宏观经济学分册第六版
Billions
$12,000
$10,000 $8,000 $6,000
真实GDP(基
年是2000年)
$4,000 $2,000
名义GDP
$0 1965 1970 1975 1980 1985 1990 1995 2000 2005
34
23.4.2 GDP平减指数
• GDP平减指数是对总体价格水平的衡量 • 定义:
西方经济学（宏观）
曼昆 《经济学原理》宏观经济学分册第六版
一、什么是宏观经济学？
• 宏观经济学（macroeconomics）：研究总体经济变量 的经济学。
• 宏观经济学的主要研究对象：
– 经济增长（economic growth） – 失业（unemployment） – 通货膨胀（inflation） – 国际收支与汇率(balance of payments and exchange rate)
在某一既定时期一个国家内生产的所有最终物品和劳 务的市场价值
最终物品：为终端使用者所准备 中间物品：生产其他物品的一种组成成份或要素 GDP只包括最终产品—生产过程中使用的中间物 品的价值已经包含在最终物品的价值中
一国收入的衡量
15
国内生产总值 (GDP)：
在某一既定时期一个国家内生产的所有最终物品和劳 务的市场价值
微观经济学与宏观经济学之间的联系（ Linkage ）
微观经济学是宏观经济分析的基础（ Foundation ）
经济作为一个整体的行为（宏观）是以构成经济的个别单位（微观）的行 为为基础的。微观经济学关心资源配置(The allocation of resources)；宏观 经济学关心资源利用(The utilization of resources)。
$12,000
$10,000 $8,000 $6,000
真实GDP(基
年是2000年)
$4,000 $2,000
名义GDP
$0 1965 1970 1975 1980 1985 1990 1995 2000 2005
34
23.4.2 GDP平减指数
• GDP平减指数是对总体价格水平的衡量 • 定义:
西方经济学（宏观）
曼昆 《经济学原理》宏观经济学分册第六版
一、什么是宏观经济学？
• 宏观经济学（macroeconomics）：研究总体经济变量 的经济学。
• 宏观经济学的主要研究对象：
– 经济增长（economic growth） – 失业（unemployment） – 通货膨胀（inflation） – 国际收支与汇率(balance of payments and exchange rate)
在某一既定时期一个国家内生产的所有最终物品和劳 务的市场价值
最终物品：为终端使用者所准备 中间物品：生产其他物品的一种组成成份或要素 GDP只包括最终产品—生产过程中使用的中间物 品的价值已经包含在最终物品的价值中
一国收入的衡量
15
国内生产总值 (GDP)：
在某一既定时期一个国家内生产的所有最终物品和劳 务的市场价值
微观经济学与宏观经济学之间的联系（ Linkage ）
微观经济学是宏观经济分析的基础（ Foundation ）
经济作为一个整体的行为（宏观）是以构成经济的个别单位（微观）的行 为为基础的。微观经济学关心资源配置(The allocation of resources)；宏观 经济学关心资源利用(The utilization of resources)。
曼昆《经济学原理第三版》宏观分册原版中英文双语Chap25省公开课一等奖全国示范课微课金奖PPT课件
70/ 7 = 10
15/76
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70规则一个例子
每年利率为7％5000美元投资在后价值翻 一番。
70/ 7 = 10
16/76
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22/76
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生产率是怎样决定
物质资本
是生产出来生产要素。
• 它是生产过程投入，也是过去生产过程产出 。
是用于生产物品与劳务设备与建筑物存 量。
• 用于生产或修理汽车工具。 • 用于生产家俱工具。 • 办公楼，学校等等…
Physical Capital
is a produced factor of production.
• It is an input into the production process that in the past was an output from the production process.
17/76
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Why Productivity Is So Important 为何生产率如此主要
Productivity refers to the quantity of goods and services that a worker can produce from each hour of work. 生产率是指一个工人一小时内所生产 物品与劳务量。
15/76
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
70规则一个例子
每年利率为7％5000美元投资在后价值翻 一番。
70/ 7 = 10
16/76
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
22/76
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
生产率是怎样决定
物质资本
是生产出来生产要素。
• 它是生产过程投入，也是过去生产过程产出 。
是用于生产物品与劳务设备与建筑物存 量。
• 用于生产或修理汽车工具。 • 用于生产家俱工具。 • 办公楼，学校等等…
Physical Capital
is a produced factor of production.
• It is an input into the production process that in the past was an output from the production process.
17/76
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Why Productivity Is So Important 为何生产率如此主要
Productivity refers to the quantity of goods and services that a worker can produce from each hour of work. 生产率是指一个工人一小时内所生产 物品与劳务量。
曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件——29monetary_system
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The Functions of Money • Unit of Account
• A unit of account is the yardstick people use to post prices and record debts.
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The Fed’s Organization • The Federal Reserve System is made up of the Federal Reserve Board in Washington, D.C., and twelve regional Federal Reserve Banks.
The Fed’s Organization • The Federal Reserve Banks
• The New York Fed implements some of the Fed’s most important policy decisions.
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• That is $2,734 in currency per adult.
• Who is holding all this currency?
• Currency held abroad • Currency held by illegal entities
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The Fed’s Organization • The Federal Open Market Committee (FOMC) is made up of the following voting members:
曼昆经济学原理宏观经济学分册英文原版PPT课件28unemployment
How Is Unemployment Measured?
Unemployment is measured by the Bureau of Labor Statistics (BLS). It surveys 60,000 randomly selected households every month. The survey is called the Current Population Survey.
How Is Unemployment Measured?
A person is unemployed if he or she is on temporary layoff, is looking for a job, or is waiting for the start date of a new job.
How Is Unemployment Measured?
Based on the answers to the survey questions, the BLS places each adult into one of three categories: Employed Unemployed Not in the labor force
JOB SEARCH
Job search the process by which workers find appropriate jobs given their tastes and skills. results from the fact that it takes time for qualified individuals to be matched with appropriate jobs.
Why Are There Always Some People Unemployed?
Unemployment is measured by the Bureau of Labor Statistics (BLS). It surveys 60,000 randomly selected households every month. The survey is called the Current Population Survey.
How Is Unemployment Measured?
A person is unemployed if he or she is on temporary layoff, is looking for a job, or is waiting for the start date of a new job.
How Is Unemployment Measured?
Based on the answers to the survey questions, the BLS places each adult into one of three categories: Employed Unemployed Not in the labor force
JOB SEARCH
Job search the process by which workers find appropriate jobs given their tastes and skills. results from the fact that it takes time for qualified individuals to be matched with appropriate jobs.
Why Are There Always Some People Unemployed?
最新曼昆《经济学原理第三版》宏观分册原版中英文双语PPT课件Chap6PPT课件
• 提出、通过和实施一项重要的财政政策 变动需要好几年的时间。
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Con: Policymakers should not try to stabilize the economy
• All too often policymakers can inadvertently exacerbate rather than mitigate the magnitude of economic fluctuations.
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反对：决策者不应该努力稳定经济
• 在需要采取行动到货币政策能发挥作用之 间，货币政策对经济的作用要有一个相当 长而且不可预见的时滞。
• 许多研究表明，在作出货币政策变动的6个 月之内，这种变动对总需求的影响很小。
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3.Should the central bank aim for zero inflation?
4.Should the government balance its budget? 5.Should the tax laws be reformed to encourage
saving?
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Con: Policymakers should not try to stabilize the economy
• Fiscal policy works with a lag because of the long political process that governs changes in spending and taxes.
Copyright © 2004 South-Western
Con: Policymakers should not try to stabilize the economy
• All too often policymakers can inadvertently exacerbate rather than mitigate the magnitude of economic fluctuations.
Copyright © 2004 South-Western
反对：决策者不应该努力稳定经济
• 在需要采取行动到货币政策能发挥作用之 间，货币政策对经济的作用要有一个相当 长而且不可预见的时滞。
• 许多研究表明，在作出货币政策变动的6个 月之内，这种变动对总需求的影响很小。
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3.Should the central bank aim for zero inflation?
4.Should the government balance its budget? 5.Should the tax laws be reformed to encourage
saving?
Copyright © 2004 South-Western
Con: Policymakers should not try to stabilize the economy
• Fiscal policy works with a lag because of the long political process that governs changes in spending and taxes.
曼昆《经济学原理第三》宏观分册原中英文双语Chap ppt课件
通货膨胀是指经济中物价总水平上升的情况。
The inflation rate is the percentage change in the price level from the previous period.
通货膨胀率是从前一个时期以来物价总水平变动的百 分比。
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The Consumer Price Index 消费物价指数
When the CPI rises, the typical family has to spend more dollars to maintain
the same standard of living. 当CPI上升时，普通家庭不得不花费 更多的美元来保持原来的生活水平。
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How the Consumer Price Index Is Calculated
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How the Consumer Price Index Is Calculated 如何计算消费物价指数
Find the Prices: Find the prices of each of the goods and services in the basket for each point in time. 找出价格：找出每个时点上篮子中每 种物品与劳务的价格。
The inflation rate is the percentage change in the price level from the previous period.
通货膨胀率是从前一个时期以来物价总水平变动的百 分比。
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Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
The Consumer Price Index 消费物价指数
When the CPI rises, the typical family has to spend more dollars to maintain
the same standard of living. 当CPI上升时，普通家庭不得不花费 更多的美元来保持原来的生活水平。
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
How the Consumer Price Index Is Calculated
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
How the Consumer Price Index Is Calculated 如何计算消费物价指数
Find the Prices: Find the prices of each of the goods and services in the basket for each point in time. 找出价格：找出每个时点上篮子中每 种物品与劳务的价格。
经济学原理宏观经济学分册英文原版课件29monetarysystem复习课程
The Fed’s OrganizationThe Boar
The Fed’s Organization
The Federal Reserve System is made up of the Federal Reserve Board in Washington, D.C., and twelve regional Federal Reserve Banks.
The Fed’s OrganizationThe Fede
The Federal Reserve System
The Federal Reserve SystemCopy
The Fed’s Organization
The Federal Reserve BanksThe New York Fed implements some of the Fed’s most important policy decisions.
The Functions of Money
Money has three functions in the economy:Medium of exchangeUnit of accountStore of value
The Functions of MoneyMoney ha
The Functions of Money
The Fed’s OrganizationThe Fed
The Fed’s Organization
The Board of GovernorsSeven members Appointed by the president Confirmed by the SenateServe staggered 14-year terms so that one comes vacant every two years.President appoints a member as chairman to serve a four-year term.
The Fed’s Organization
The Federal Reserve System is made up of the Federal Reserve Board in Washington, D.C., and twelve regional Federal Reserve Banks.
The Fed’s OrganizationThe Fede
The Federal Reserve System
The Federal Reserve SystemCopy
The Fed’s Organization
The Federal Reserve BanksThe New York Fed implements some of the Fed’s most important policy decisions.
The Functions of Money
Money has three functions in the economy:Medium of exchangeUnit of accountStore of value
The Functions of MoneyMoney ha
The Functions of Money
The Fed’s OrganizationThe Fed
The Fed’s Organization
The Board of GovernorsSeven members Appointed by the president Confirmed by the SenateServe staggered 14-year terms so that one comes vacant every two years.President appoints a member as chairman to serve a four-year term.
曼昆经济学原理宏观经济学分册英文原版PPT课件30moneyinflation
THE CLASSICAL THEORY OF INFLATION
Inflation: Historical Aspects In the 1970s prices rose by 7 percent per year. During the 1990s, prices rose at an average rate of 2 percent per year.
Money Supply, Money Demand, and Monetary Equilibrium
People hold money because it is the medium of exchange. The amount of money people choose to hold depends on the prices of goods and services.
The quantity equation shows that an increase in the quantity of money in an economy must be reflected in one of three other variables: the price level must rise, the quantity of output must rise, or the velocity of money must fall.
Money Supply, Money Demand, and Monetary Equilibrium
In the long run, the overall level of prices adjusts to the level at which the demand for money equals the supply.
Inflation: Historical Aspects In the 1970s prices rose by 7 percent per year. During the 1990s, prices rose at an average rate of 2 percent per year.
Money Supply, Money Demand, and Monetary Equilibrium
People hold money because it is the medium of exchange. The amount of money people choose to hold depends on the prices of goods and services.
The quantity equation shows that an increase in the quantity of money in an economy must be reflected in one of three other variables: the price level must rise, the quantity of output must rise, or the velocity of money must fall.
Money Supply, Money Demand, and Monetary Equilibrium
In the long run, the overall level of prices adjusts to the level at which the demand for money equals the supply.
曼昆_宏观经济学_原版PPT_英文版mankiw7echap07
2. L is no longer fixed: population growth causes it to grow
3. the consumption function is simpler
CHAPTER 7 Economic Growth I
9
How Solow model is different from Chapter 3’s model
its saving and population growth rates
▪ how to use the “Golden Rule” to find the
optimal saving rate and capital stock
Why growth matters
▪ Data on infant mortality rates:
CHAPTER 7 Economic Growth I
2
Income and poverty in the world
selected countries, 2000
% of population living on $2 per day or less
100 Madagascar
90
India
80
the fraction of income that is saved (s is an exogenous parameter)
Note: s is the only lowercase variable that is not equal to its uppercase version divided by L
▪ In aggregate terms: Y = F (K, L)
▪ Define: y = Y/L = output per worker
3. the consumption function is simpler
CHAPTER 7 Economic Growth I
9
How Solow model is different from Chapter 3’s model
its saving and population growth rates
▪ how to use the “Golden Rule” to find the
optimal saving rate and capital stock
Why growth matters
▪ Data on infant mortality rates:
CHAPTER 7 Economic Growth I
2
Income and poverty in the world
selected countries, 2000
% of population living on $2 per day or less
100 Madagascar
90
India
80
the fraction of income that is saved (s is an exogenous parameter)
Note: s is the only lowercase variable that is not equal to its uppercase version divided by L
▪ In aggregate terms: Y = F (K, L)
▪ Define: y = Y/L = output per worker
【精品PPT】曼昆--《经济学原理》宏观经济学分册第六版
P
Q
$2.00 $2.50 $3.00
1000 1100 1200
增加：
= $6,000 = $8,250
37.5%
= $10,800 30.9%
例：
年份
2005 2006 2007
皮萨
P
Q
$$1100
400
$11
500
$12
600
拿铁咖啡
P
Q
$2.00
1000
$2.50
1100
$3.00
1200
7
微观经济学与宏观经济学
• 微观经济学: 研究家庭和企业如何做出决策，以及它们如何在市场上相 互交易
• 宏观经济学： 研究整体经济现象
• 我们从国家的总收入和总支出开始学习宏观经济学
一国收入的衡量
8
23.1经济的收入与支出
• 国内生产总值 (GDP) • 衡量经济中所有人的总收入 • 衡量经济中物品与劳务生产的总支出
一国收入的衡量
10
循环流量图ຫໍສະໝຸດ 家庭: 拥有生产要素，出售或出租它们给
企业以换取收入 购买并消费物品与劳务
企业
家庭
企业: 购买或租赁生产要素，用它们
来生产物品与劳务 出售物品与劳务
一国收入的衡量
11
循环流量图
收入 (=GDP) 物品和 劳务的 销售
企业
生产投入
工资、租金和 利润 (=GDP)
一国收入的衡量
25
主动学习 1
GDP及其组成部分
在下面的各种情形下，计算GDP及它受影响的组成部分 的变化量
A. Debbie在波士顿最好的饭店花了$200请他丈夫吃晚 饭
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© 2007 Thomson South-Western
THE COMPONENTS OF GDP • GDP includes all items produced in the economy and sold legally n markets. • What Is Not Counted in GDP?
– Every transaction has a buyer and a seller. – Every dollar of spending by some buyer is a dollar of income for some seller.
© 2007 Thomson South-Western
Y = C + I + G + NX
© 2007 Thomson South-Western
THE COMPONENTS OF GDP • Consumption (C):
• The spending by households on goods and services, with the exception of purchases of new housing. • Investment (I):
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
• “. . . Final . . .” – It records only the value of final goods, not intermediate goods (the value is counted only once).
• “. . . Goods and Services . . .” – It includes both tangible goods (food, clothing, cars) and intangible services (haircuts, housecleaning, doctor visits).
goods or services. • Net Exports (NX):
– Exports minus imports.
© 2007 Thomson South-Western
Table 1 GDP and Its Components
© 2007 Thomson South-Western
GDP and Its Components (2004)
© 2007 Thomson South-Western
REAL VERSUS NOMINAL GDP • An accurate view of the economy requires adjusting nominal to real GDP by using the GDP deflator.
Investment 16%
Government Purchases 15%
Net Exports -5 %
Consumption 70%
© 2007 Thomson South-Western
REAL VERSUS NOMINAL GDP • Nominal GDP values the production of goods and services at current prices. • Real GDP values the production of goods and services at constant prices.
© 2007 Thomson South-Western
The GDP Deflator • The GDP deflator is a measure of the price level calculated as the ratio of nominal GDP to real GDP times
Figure 1 The Circular-Flow Diagram
MARKETS
Revenue
FOR
Spending
GOODS AND SERVICES
Goods and services
•Firms sell •Households
buy
Goods and services
sold
bought
one another in markets. Macroeconomics is the study of the economy as a whole. Its goal is to explain the economic changes that affect
many households, firms, and markets at once.
time.
© 2007 Thomson South-Western
THE MEASUREMENT OF GROSS DOMESTIC PRODUCT • The equality of income and expenditure can be illustrated with the circular-flow diagram.
FIRMS •Produce and sell goods and services •Hire and use factors of production
HOUSEHOLDS •Buy and consume goods and services •Own and sell factors of production
= Flow of dollars
© 2007 Thomson South-Western
THE MEASUREMENT OF GROSS DOMESTIC PRODUCT • Gross domestic product (GDP) is a measure of the income and expenditures of an economy. • GDP is the total market value of all final goods and services produced within a country in a given period of
Factors of production
MARKETS FOR
Labor, land, and capital
FACTORS OF PRODUCTION
Wages, rent,
•Households sell Income
and profit
•Firms buy
= Flow of inputs
and outputs
everyone in the economy is earning.
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THE ECONOMY’S INCOME AND EXPENDITURE • For an economy as a whole, income must equal expenditure because:
• The spending on capital equipment, inventories, and structures, including new housing.
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THE COMPONENTS OF GDP • Government Purchases (G):
曼昆《经济学原理》(宏观经济学分册)英文 原版PPT课件
Measuring a Nation’s Income Microeconomics is the study of how individual households and firms make decisions and how they interact with
© 2007 Thomson South-Western
THE MEASUREMENT OF GROSS DOMESTIC PRODUCT
• “GDP is the Market Value . . .” – Output is valued at market prices.
• “. . . Of All. . .” – Includes all items produced in the economy and legally sold in markets
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THE ECONOMY’S INCOME AND EXPENDITURE • When judging whether the economy is doing well or poorly, it is natural to look at the total income that
• “ . . . Within a Country . . .” – It measures the value of production within the geographic confines of a country.
• “. . . In a Given Period of Time.” – It measures the value of production that takes place within a specific interval of time, usually a year or a quarter (three months).
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Measuring a Nation’s Income Macroeconomics answers questions like the following:
THE COMPONENTS OF GDP • GDP includes all items produced in the economy and sold legally n markets. • What Is Not Counted in GDP?
– Every transaction has a buyer and a seller. – Every dollar of spending by some buyer is a dollar of income for some seller.
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Y = C + I + G + NX
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THE COMPONENTS OF GDP • Consumption (C):
• The spending by households on goods and services, with the exception of purchases of new housing. • Investment (I):
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Table 2 Real and Nominal GDP
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Table 2 Real and Nominal GDP
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Table 2 Real and Nominal GDP
• “. . . Final . . .” – It records only the value of final goods, not intermediate goods (the value is counted only once).
• “. . . Goods and Services . . .” – It includes both tangible goods (food, clothing, cars) and intangible services (haircuts, housecleaning, doctor visits).
goods or services. • Net Exports (NX):
– Exports minus imports.
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Table 1 GDP and Its Components
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GDP and Its Components (2004)
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REAL VERSUS NOMINAL GDP • An accurate view of the economy requires adjusting nominal to real GDP by using the GDP deflator.
Investment 16%
Government Purchases 15%
Net Exports -5 %
Consumption 70%
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REAL VERSUS NOMINAL GDP • Nominal GDP values the production of goods and services at current prices. • Real GDP values the production of goods and services at constant prices.
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The GDP Deflator • The GDP deflator is a measure of the price level calculated as the ratio of nominal GDP to real GDP times
Figure 1 The Circular-Flow Diagram
MARKETS
Revenue
FOR
Spending
GOODS AND SERVICES
Goods and services
•Firms sell •Households
buy
Goods and services
sold
bought
one another in markets. Macroeconomics is the study of the economy as a whole. Its goal is to explain the economic changes that affect
many households, firms, and markets at once.
time.
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THE MEASUREMENT OF GROSS DOMESTIC PRODUCT • The equality of income and expenditure can be illustrated with the circular-flow diagram.
FIRMS •Produce and sell goods and services •Hire and use factors of production
HOUSEHOLDS •Buy and consume goods and services •Own and sell factors of production
= Flow of dollars
© 2007 Thomson South-Western
THE MEASUREMENT OF GROSS DOMESTIC PRODUCT • Gross domestic product (GDP) is a measure of the income and expenditures of an economy. • GDP is the total market value of all final goods and services produced within a country in a given period of
Factors of production
MARKETS FOR
Labor, land, and capital
FACTORS OF PRODUCTION
Wages, rent,
•Households sell Income
and profit
•Firms buy
= Flow of inputs
and outputs
everyone in the economy is earning.
© 2007 Thomson South-Western
THE ECONOMY’S INCOME AND EXPENDITURE • For an economy as a whole, income must equal expenditure because:
• The spending on capital equipment, inventories, and structures, including new housing.
© 2007 Thomson South-Western
THE COMPONENTS OF GDP • Government Purchases (G):
曼昆《经济学原理》(宏观经济学分册)英文 原版PPT课件
Measuring a Nation’s Income Microeconomics is the study of how individual households and firms make decisions and how they interact with
© 2007 Thomson South-Western
THE MEASUREMENT OF GROSS DOMESTIC PRODUCT
• “GDP is the Market Value . . .” – Output is valued at market prices.
• “. . . Of All. . .” – Includes all items produced in the economy and legally sold in markets
© 2007 Thomson South-Western
THE ECONOMY’S INCOME AND EXPENDITURE • When judging whether the economy is doing well or poorly, it is natural to look at the total income that
• “ . . . Within a Country . . .” – It measures the value of production within the geographic confines of a country.
• “. . . In a Given Period of Time.” – It measures the value of production that takes place within a specific interval of time, usually a year or a quarter (three months).
© 2007 Thomson South-Western
Measuring a Nation’s Income Macroeconomics answers questions like the following: