曼昆经济学原理英文原版
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© 2007 Thomson South-Western
THE ECONOMY’S INCOME AND EXPENDITURE
• For an economy as a whole, income must equal expenditure because:
– Every transaction has a buyer and a seller. – Every dollar of spending by some buyer is a dollar
© 2007 Thomson South-Western
Measuring a Nation’s Income
Microeconomics is the study of how individual households and firms make decisions and how they interact with one another in markets.
Spending
Goods and services bought
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
• The equality of income and expenditure can be illustrated with the circular-flow diagram.
© 2007 Thomson South-Western
THE MEASUREMENT OF GROSS
DOMESTIC PRODUCT
of income for some seller.
© 2007 Thomson South-Western
Figure 1 The Circular-Flow Diagram
wenku.baidu.com
Revenue
Goods and services sold
MARKETS FOR
GOODS AND SERVICES •Firms sell •Households buy
• GDP is the total market value of all final goods and services produced within a country in a given period of time.
© 2007 Thomson South-Western
THE MEASUREMENT OF GROSS DOMESTIC PRODUCT
Factors of production
Wages, rent, and profit
MARKETS FOR
Labor, land, and capital
FACTORS OF PRODUCTION
•Households sell •Firms buy
Income
= Flow of inputs and outputs
– It includes both tangible goods (food, clothing, cars) and intangible services (haircuts, housecleaning, doctor visits).
▪ Why do prices rise rapidly in some time periods while they are more stable in others?
▪ Why do production and employment expand in some years and contract in others?
= 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.
© 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 everyone in the economy is earning.
• “. . . Final . . .”
– It records only the value of final goods, not intermediate goods (the value is counted only once).
• “. . . Goods and Services . . .”
• “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
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.
© 2007 Thomson South-Western
Measuring a Nation’s Income
Macroeconomics answers questions like the following:
▪ Why is average income high in some countries and low in others?
THE ECONOMY’S INCOME AND EXPENDITURE
• For an economy as a whole, income must equal expenditure because:
– Every transaction has a buyer and a seller. – Every dollar of spending by some buyer is a dollar
© 2007 Thomson South-Western
Measuring a Nation’s Income
Microeconomics is the study of how individual households and firms make decisions and how they interact with one another in markets.
Spending
Goods and services bought
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
• The equality of income and expenditure can be illustrated with the circular-flow diagram.
© 2007 Thomson South-Western
THE MEASUREMENT OF GROSS
DOMESTIC PRODUCT
of income for some seller.
© 2007 Thomson South-Western
Figure 1 The Circular-Flow Diagram
wenku.baidu.com
Revenue
Goods and services sold
MARKETS FOR
GOODS AND SERVICES •Firms sell •Households buy
• GDP is the total market value of all final goods and services produced within a country in a given period of time.
© 2007 Thomson South-Western
THE MEASUREMENT OF GROSS DOMESTIC PRODUCT
Factors of production
Wages, rent, and profit
MARKETS FOR
Labor, land, and capital
FACTORS OF PRODUCTION
•Households sell •Firms buy
Income
= Flow of inputs and outputs
– It includes both tangible goods (food, clothing, cars) and intangible services (haircuts, housecleaning, doctor visits).
▪ Why do prices rise rapidly in some time periods while they are more stable in others?
▪ Why do production and employment expand in some years and contract in others?
= 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.
© 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 everyone in the economy is earning.
• “. . . Final . . .”
– It records only the value of final goods, not intermediate goods (the value is counted only once).
• “. . . Goods and Services . . .”
• “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
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.
© 2007 Thomson South-Western
Measuring a Nation’s Income
Macroeconomics answers questions like the following:
▪ Why is average income high in some countries and low in others?