宏观经济学---曼昆02
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Expenditure equals income because every dollar spent by a buyer becomes income to the seller.
CHAPTER 2 The Data of Macroeconomics
National Income Accounting
GDP measures the flow of dollars in the economy.
Total income from the production of bread:
- top half of the circular flow
Total expenditure on purchases of bread:
CHAPTER 2 The DFra Baidu bibliotekta of Macroeconomics
The Circular Flow
Income ($) Labor
Households
Goods Expenditure ($)
CHAPTER 2 The Data of Macroeconomics
Firms
Measurement of GDP
the govt budget deficit
CHAPTER 2 The Data of Macroeconomics
Now you try:
Stock or flow? the balance on your credit card
statement how much you study economics outside
Two definitions:
Total expenditure on domestically-produced final goods and services.
Total income earned by domestically-located factors of production.
…the meaning and measurement of the most important macroeconomic statistics:
Gross Domestic Product (GDP) The Consumer Price Index (CPI) The unemployment rate Economists use these statistics to study the
economy; policymakers use them to monitor development and formulate policies.
CHAPTER 2 The Data of Macroeconomics
Gross Domestic Product
GDP is often considered the best measure of how well the economy is performing;
GDP = value of final goods produced = sum of value added at all stages of production.
- bottom half of the circular flow
To compute GDP, we can look at either side of the flows.
CHAPTER 2 The Data of Macroeconomics
Stocks vs. Flows
A stock is a quantity measured at a point in time.
CHAPTER 2 The Data of Macroeconomics
Stocks vs. Flows - examples
stock
a person’s wealth # of people with college degrees
the govt debt
flow
a person’s annual saving # of new college graduates this year
To understand the meaning of GDP more fully, we turn to national income accounting, the accounting system used to measure GDP and many related statistics.
of class the size of your compact disc collection the inflation rate the unemployment rate
CHAPTER 2 The Data of Macroeconomics
Final goods, value added, and GDP
Chapter 2
The Data of Macroeconomics
ZHAO, Qiwei
Economics and Management School, Wuhan University
2014 Economics and Management School, Wuhan University
In this chapter, you will learn…
Flow Stock
E.g., “The U.S. capital stock was $26 trillion on January 1, 2006.”
A flow is a quantity measured per unit of time. E.g., “U.S. investment was $2.5 trillion during 2006.”
- summarize in a single number the dollar value of economic activity in a given period of time.
CHAPTER 2 The Data of Macroeconomics
Gross Domestic Product: Expenditure and Income
CHAPTER 2 The Data of Macroeconomics
National Income Accounting
GDP measures the flow of dollars in the economy.
Total income from the production of bread:
- top half of the circular flow
Total expenditure on purchases of bread:
CHAPTER 2 The DFra Baidu bibliotekta of Macroeconomics
The Circular Flow
Income ($) Labor
Households
Goods Expenditure ($)
CHAPTER 2 The Data of Macroeconomics
Firms
Measurement of GDP
the govt budget deficit
CHAPTER 2 The Data of Macroeconomics
Now you try:
Stock or flow? the balance on your credit card
statement how much you study economics outside
Two definitions:
Total expenditure on domestically-produced final goods and services.
Total income earned by domestically-located factors of production.
…the meaning and measurement of the most important macroeconomic statistics:
Gross Domestic Product (GDP) The Consumer Price Index (CPI) The unemployment rate Economists use these statistics to study the
economy; policymakers use them to monitor development and formulate policies.
CHAPTER 2 The Data of Macroeconomics
Gross Domestic Product
GDP is often considered the best measure of how well the economy is performing;
GDP = value of final goods produced = sum of value added at all stages of production.
- bottom half of the circular flow
To compute GDP, we can look at either side of the flows.
CHAPTER 2 The Data of Macroeconomics
Stocks vs. Flows
A stock is a quantity measured at a point in time.
CHAPTER 2 The Data of Macroeconomics
Stocks vs. Flows - examples
stock
a person’s wealth # of people with college degrees
the govt debt
flow
a person’s annual saving # of new college graduates this year
To understand the meaning of GDP more fully, we turn to national income accounting, the accounting system used to measure GDP and many related statistics.
of class the size of your compact disc collection the inflation rate the unemployment rate
CHAPTER 2 The Data of Macroeconomics
Final goods, value added, and GDP
Chapter 2
The Data of Macroeconomics
ZHAO, Qiwei
Economics and Management School, Wuhan University
2014 Economics and Management School, Wuhan University
In this chapter, you will learn…
Flow Stock
E.g., “The U.S. capital stock was $26 trillion on January 1, 2006.”
A flow is a quantity measured per unit of time. E.g., “U.S. investment was $2.5 trillion during 2006.”
- summarize in a single number the dollar value of economic activity in a given period of time.
CHAPTER 2 The Data of Macroeconomics
Gross Domestic Product: Expenditure and Income