曼昆經(jīng)濟(jì)學(xué)原理23measuring-nation課件

1、8 THE DATA OF MACROECONOMICS23Measuring a Nations Income Measuring a Nations IncomeMicroeconomicsMicroeconomics is the study of how individual households and firms make decisions and how they interact with one another in markets.MacroeconomicsMacroeconomics is the study of the economy as a whole.Its

2、 goal is to explain the economic changes that affect many households, firms, and markets at once.Measuring a Nations IncomeMacroeconomics answers questions like the following:Why is average income high in some countries and low in others? Why do prices rise rapidly in some time periods while they ar

3、e more stable in others? Why do production and employment expand in some years and contract in others? THE ECONOMYS INCOME AND EXPENDITUREWhen 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.THE ECONOMYS INCOME AN

4、D EXPENDITUREFor 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 of income for some seller. THE MEASUREMENT OF GROSS DOMESTIC PRODUCTGross domestic product (GDP) is a measure of the income and

5、expenditures of an economy.It is the total market value of all final goods and services produced within a country in a given period of time.THE MEASUREMENT OF GROSS DOMESTIC PRODUCTThe equality of income and expenditure can be illustrated with the circular-flow diagram.Figure 1 The Circular-Flow Dia

6、gramSpendingGoods andservicesboughtRevenueGoodsand servicessoldLabor, land,and capitalIncome = Flow of inputs and outputs = Flow of dollarsFactors ofproductionWages, rent,and profit FIRMSProduce and sellgoods and servicesHire and use factorsof production Buy and consumegoods and servicesOwn and sell

7、 factorsof productionHOUSEHOLDS Households sellFirms buyMARKETSFORFACTORS OF PRODUCTION Firms sellHouseholds buyMARKETSFORGOODS AND SERVICESCopyright 2004 South-WesternTHE MEASUREMENT OF GROSS DOMESTIC PRODUCTGDP is the market value of all final goods and services produced within a country in a give

8、n period of time.THE MEASUREMENT OF GROSS DOMESTIC PRODUCT“GDP is the Market Value . . .”O(jiān)utput is valued at market prices.“. . . Of All Final . . .”It records only the value of final goods, not intermediate goods (the value is counted only once).“. . . Goods and Services . . . “It includes both tan

9、gible goods (food, clothing, cars) and intangible services (haircuts, housecleaning, doctor visits). THE MEASUREMENT OF GROSS DOMESTIC PRODUCT“. . . Produced . . .”It includes goods and services currently produced, not transactions involving goods produced in the past.“ . . . Within a Country . . .”

10、It measures the value of production within the geographic confines of a country.THE MEASUREMENT OF GROSS DOMESTIC PRODUCT“. . . 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). THE COMPONEN

11、TS OF GDPGDP includes all items produced in the economy and sold legally in markets.THE COMPONENTS OF GDP What Is Not Counted in GDP?GDP excludes most items that are produced and consumed at home and that never enter the marketplace.It excludes items produced and sold illicitly, such as illegal drug

12、s.THE COMPONENTS OF GDPGDP (Y) is the sum of the following:Consumption (C) Investment (I) Government Purchases (G) Net Exports (NX)Y = C + I + G + NXTHE COMPONENTS OF GDPConsumption (C):The spending by households on goods and services, with the exception of purchases of new housing.Investment (I):Th

13、e spending on capital equipment, inventories, and structures, including new housing.THE COMPONENTS OF GDPGovernment Purchases (G):The spending on goods and services by local, state, and federal governments.Does not include transfer payments because they are not made in exchange for currently produce

14、d goods or services.Net Exports (NX):Exports minus imports.Table 1 GDP and Its ComponentsCopyright2004 South-WesternGDP and Its Components (2001)Consumption 69%Government Purchases18%Net Exports -3 %Investment16%REAL VERSUS NOMINAL GDPNominal GDP values the production of goods and services at curren

15、t prices.Real GDP values the production of goods and services at constant prices. REAL VERSUS NOMINAL GDPAn accurate view of the economy requires adjusting nominal to real GDP by using the GDP deflator.Table 2 Real and Nominal GDPCopyright2004 South-WesternTable 2 Real and Nominal GDPCopyright2004 S

16、outh-WesternTable 2 Real and Nominal GDPCopyright2004 South-WesternThe GDP DeflatorThe GDP deflator is a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100.It tells us the rise in nominal GDP that is attributable to a rise in prices rather than a rise in the quan

17、tities produced. The GDP DeflatorThe GDP deflator is calculated as follows:The GDP DeflatorConverting Nominal GDP to Real GDPNominal GDP is converted to real GDP as follows:Table 2 Real and Nominal GDPCopyright2004 South-WesternFigure 2 Real GDP in the United StatesBillions of1996 Dollars$10,0009,00

18、08,0007,0006,0005,0004,0003,0001970197519801985199020001995Copyright 2004 South-WesternGDP AND ECONOMIC WELL-BEINGGDP is the best single measure of the economic well-being of a society. GDP per person tells us the income and expenditure of the average person in the economy.GDP AND ECONOMIC WELL-BEIN

19、GHigher GDP per person indicates a higher standard of living.GDP is not a perfect measure of the happiness or quality of life, however.GDP AND ECONOMIC WELL-BEINGSome things that contribute to well-being are not included in GDP.The value of leisure.The value of a clean environment.The value of almos

20、t all activity that takes place outside of markets, such as the value of the time parents spend with their children and the value of volunteer work.Table 3 GDP, Life Expectancy, and LiteracyCopyright2004 South-WesternSummaryBecause every transaction has a buyer and a seller, the total expenditure in the economy must equal the total income in the economy.Gross Domestic Product (GDP) measures an economys total expenditure on newly produced goods and services and the total income earned from the production of these goods and services.SummaryGDP is the market value of all f