曼昆宏观经济学第七版讲义.ppt
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Spending on plant and equipment
▪ Residential fixed investment
▪ The value of the final goods already includes the
value of the intermediate goods, so including intermediate and final goods in GDP would be double-counting.
CHAPTER 2 The Data of Macroeconomics
9
Investment (I)
▪ Spending on goods bought for future use
(i.e., capital goods)
▪ Includes:
▪ Business fixed investment
2
The Circular Flow
Income ($) Labor
Households
Goods Expenditure ($)
CHAPTER 2 The Data of Macroeconomics
Firms
3
Value added
Value added: The value of output minus the value of the intermediate goods used to produce that output
and sells it to a baker for $3.00.
▪ The baker uses the flour to make a loaf of
bread and sells it to an engineer for $6.00.
▪ The engineer eats the bread.
Compute value added at each stage of production and GDP
Final goods, value added, and GDP
▪ GDP = value of final goods produced
= sum of value added at all stages of production.
CHAPTER 2 The Data of Macroeconomics
4
NOW YOU TRY:
Identifying value-added
▪ A farmer grows a bushel of wheat
and sells it to a miller for $1.00.
▪ The miller turns the wheat into flour
CHAPTER 2 The Data of Macroeconomics
6
The expenditure components of GDP
▪ consumption, C ▪ investment, I ▪ government spending, G ▪ net exports, NX
An important identity:
factors of production.
Expenditure equals income because every dollar spent by a buyer becomes income to the seller.
CHAPTER 2 The Data of Macroeconomics
2010 UPDATE
In this chapter, you will learn:
…the meaning and measurement of the most important macroeconomic statistics:
▪ Gross Domestic Product (GDP) ▪ The Consumer Price Index (CPI) ▪ The unemployment rate
SEVENTH EDITION
MACROECONOMICS
N. Gregory Mankiw
PowerPoint® Slides by Ron Cronovich
2 C H A P T E R
The Science of Macroeconomics
© 2011 Worth Publishers, all rights reserved
CHAPTER 2 The Data of Macroeconomics
8
U.S. consumption, 2009
Consumption Durables Nondurables Services
$ billions $ 10,001
1,027 2,204 6,771
% of GDP 70.8% 7.3 15.6 48.0
▪ durable goods
last a long time e.g., cars, home appliances
▪ nondurable goods
last a short time e.g., food, clothing
▪ services
work done for consumers e.g., dry cleaning, air travel
Y = C + I + G + NX
value of total oFra Baidu bibliotektput
aggregate expenditure
CHAPTER 2 The Data of Macroeconomics
7
Consumption (C)
definition: The value of all goods and services bought by households. Includes:
Gross Domestic Product: Expenditure and Income
Two definitions:
▪ Total expenditure on domestically-produced
final goods and services.
▪ Total income earned by domestically-located
▪ Residential fixed investment
▪ The value of the final goods already includes the
value of the intermediate goods, so including intermediate and final goods in GDP would be double-counting.
CHAPTER 2 The Data of Macroeconomics
9
Investment (I)
▪ Spending on goods bought for future use
(i.e., capital goods)
▪ Includes:
▪ Business fixed investment
2
The Circular Flow
Income ($) Labor
Households
Goods Expenditure ($)
CHAPTER 2 The Data of Macroeconomics
Firms
3
Value added
Value added: The value of output minus the value of the intermediate goods used to produce that output
and sells it to a baker for $3.00.
▪ The baker uses the flour to make a loaf of
bread and sells it to an engineer for $6.00.
▪ The engineer eats the bread.
Compute value added at each stage of production and GDP
Final goods, value added, and GDP
▪ GDP = value of final goods produced
= sum of value added at all stages of production.
CHAPTER 2 The Data of Macroeconomics
4
NOW YOU TRY:
Identifying value-added
▪ A farmer grows a bushel of wheat
and sells it to a miller for $1.00.
▪ The miller turns the wheat into flour
CHAPTER 2 The Data of Macroeconomics
6
The expenditure components of GDP
▪ consumption, C ▪ investment, I ▪ government spending, G ▪ net exports, NX
An important identity:
factors of production.
Expenditure equals income because every dollar spent by a buyer becomes income to the seller.
CHAPTER 2 The Data of Macroeconomics
2010 UPDATE
In this chapter, you will learn:
…the meaning and measurement of the most important macroeconomic statistics:
▪ Gross Domestic Product (GDP) ▪ The Consumer Price Index (CPI) ▪ The unemployment rate
SEVENTH EDITION
MACROECONOMICS
N. Gregory Mankiw
PowerPoint® Slides by Ron Cronovich
2 C H A P T E R
The Science of Macroeconomics
© 2011 Worth Publishers, all rights reserved
CHAPTER 2 The Data of Macroeconomics
8
U.S. consumption, 2009
Consumption Durables Nondurables Services
$ billions $ 10,001
1,027 2,204 6,771
% of GDP 70.8% 7.3 15.6 48.0
▪ durable goods
last a long time e.g., cars, home appliances
▪ nondurable goods
last a short time e.g., food, clothing
▪ services
work done for consumers e.g., dry cleaning, air travel
Y = C + I + G + NX
value of total oFra Baidu bibliotektput
aggregate expenditure
CHAPTER 2 The Data of Macroeconomics
7
Consumption (C)
definition: The value of all goods and services bought by households. Includes:
Gross Domestic Product: Expenditure and Income
Two definitions:
▪ Total expenditure on domestically-produced
final goods and services.
▪ Total income earned by domestically-located