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- 2. In this chapter, look for the answers to these questions: What is Gross Domestic Product (GDP)?
- 3. MEASURING A NATION’S INCOME Micro vs. Macro Microeconomics: The study of how individual households and firms
- 4. MEASURING A NATION’S INCOME Income and Expenditure Gross Domestic Product (GDP) measures total income of everyone
- 5. MEASURING A NATION’S INCOME The Circular-Flow Diagram a simple depiction of the macroeconomy illustrates GDP as
- 6. MEASURING A NATION’S INCOME The Circular-Flow Diagram Households: own the factors of production, sell/rent them to
- 7. MEASURING A NATION’S INCOME The Circular-Flow Diagram
- 8. MEASURING A NATION’S INCOME What This Diagram Omits The government collects taxes, buys g&s The financial
- 9. MEASURING A NATION’S INCOME …the market value of all final goods & services produced within a
- 10. MEASURING A NATION’S INCOME …the market value of all final goods & services produced within a
- 11. MEASURING A NATION’S INCOME …the market value of all final goods & services produced within a
- 12. MEASURING A NATION’S INCOME …the market value of all final goods & services produced within a
- 13. MEASURING A NATION’S INCOME …the market value of all final goods & services produced within a
- 14. MEASURING A NATION’S INCOME …the market value of all final goods & services produced within a
- 15. MEASURING A NATION’S INCOME The Components of GDP Recall: GDP is total spending. Four components: Consumption
- 16. MEASURING A NATION’S INCOME Consumption (C) is total spending by households on g&s. Note on housing
- 17. MEASURING A NATION’S INCOME Investment (I) is total spending on goods that will be used in
- 18. MEASURING A NATION’S INCOME Government Purchases (G) is all spending on the g&s purchased by govt
- 19. MEASURING A NATION’S INCOME Net Exports (NX) NX = exports – imports Exports represent foreign spending
- 20. MEASURING A NATION’S INCOME U.S. GDP and Its Components, 2007
- 21. MEASURING A NATION’S INCOME Real versus Nominal GDP Inflation can distort economic variables like GDP, so
- 22. MEASURING A NATION’S INCOME EXAMPLE: Compute nominal GDP in each year: 2005: $10 x 400 +
- 23. MEASURING A NATION’S INCOME EXAMPLE: Compute real GDP in each year, using 2005 as the base
- 24. MEASURING A NATION’S INCOME EXAMPLE: In each year, nominal GDP is measured using the (then) current
- 25. MEASURING A NATION’S INCOME EXAMPLE: The change in nominal GDP reflects both prices and quantities. The
- 26. Nominal and Real GDP in the U.S., 1965-2007 Real GDP (base year 2000) Nominal GDP
- 27. MEASURING A NATION’S INCOME The GDP Deflator The GDP deflator is a measure of the overall
- 28. MEASURING A NATION’S INCOME EXAMPLE: Compute the GDP deflator in each year:
- 29. A C T I V E L E A R N I N G 2 Computing
- 30. A C T I V E L E A R N I N G 2 Answers
- 31. A C T I V E L E A R N I N G 2 Answers
- 32. MEASURING A NATION’S INCOME GDP and Economic Well-Being Real GDP per capita is the main indicator
- 33. Gross Domestic Product… “… does not allow for the health of our children, the quality of
- 34. MEASURING A NATION’S INCOME GDP Does Not Value: the quality of the environment leisure time non-market
- 35. MEASURING A NATION’S INCOME Then Why Do We Care About GDP? Having a large GDP enables
- 36. GDP and Life Expectancy in 12 countries Life expectancy (years) Real GDP per capita U.S. Germany
- 37. GDP and Literacy in 12 countries Adult Literacy (% of population) Real GDP per capita U.S.
- 38. GDP and Internet Usage in 12 countries Internet Usage (% of population) Real GDP per capita
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