曼昆经济学原理宏观经济学分册英文原版课件.pptx

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1、, 2007 Thomson South-Western,Measuring a Nations Income,Microeconomics is the study of how individual households and firms make decisions and how they interact with one another in markets.Macroeconomics is the study of the economy as a whole. Its goal is to explain the economic changes that affect m

2、any households, firms, and markets at once.,Measuring a Nations Income,Macroeconomics 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 are more stable in others? Why do production and emplo

3、yment expand in some years and contract in others?,THE ECONOMYS 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.,THE ECONOMYS INCOME AND EXPENDITURE,For an economy as a whole, income mu

4、st 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.,Figure 1 The Circular-Flow Diagram,Spending,Revenue,Income,= Flow of inputs,and outputs,= Flow of dollars,THE MEASUREMENT OF GROSS DOMESTIC PRODUCT,Gr

5、oss domestic product (GDP) is a measure of the income and expenditures of an economy. GDP 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 PRODUCT,The equality of income and expenditure can be illustrated

6、 with the circular-flow diagram.,THE MEASUREMENT OF GROSS DOMESTIC PRODUCT,“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“. . . Final . . .”It records only the value of final goods, not interm

7、ediate goods (the value is counted only once).“. . . Goods and Services . . .”It includes both tangible goods (food, clothing, cars) and intangible services (haircuts, housecleaning, doctor visits).,THE MEASUREMENT OF GROSS DOMESTIC PRODUCT,“. . . Produced . . .”It includes goods and services curren

8、tly produced, not transactions involving goods produced in the past.“ . . . Within a Country . . .”It measures the value of production within the geographic confines of a country. “. . . In a Given Period of Time.”It measures the value of production that takes place within a specific interval of tim

9、e, usually a year or a quarter (three months).,THE COMPONENTS OF GDP,GDP includes all items produced in the economy and sold legally in markets.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 an

10、d sold illicitly, such as illegal drugs.,THE COMPONENTS OF GDP,GDP (Y) is the sum of the following:Consumption (C) Investment (I) Government Purchases (G) Net Exports (NX)Y = C + I + G + NX,THE COMPONENTS OF GDP,Consumption (C):The spending by households on goods and services, with the exception of

11、purchases of new housing.Investment (I):The spending on capital equipment, inventories, and structures, including new housing.,THE COMPONENTS OF GDP,Government Purchases (G):The spending on goods and services by local, state, and federal governments.Does not include transfer payments because they ar

12、e not made in exchange for currently produced goods or services.Net Exports (NX):Exports minus imports.,Table 1 GDP and Its Components,GDP and Its Components (2004),REAL VERSUS NOMINAL GDP,Nominal GDP values the production of goods and services at current prices.Real GDP values the production of goo

13、ds and services at constant prices.,REAL VERSUS NOMINAL GDP,An accurate view of the economy requires adjusting nominal to real GDP by using the GDP deflator.,Table 2 Real and Nominal GDP,Table 2 Real and Nominal GDP,Table 2 Real and Nominal GDP,The GDP Deflator,The GDP deflator is a measure of the p

14、rice level calculated as the ratio of nominal GDP to real GDP times 100.It tells us what portion of the rise in nominal GDP that is attributable to a rise in prices rather than a rise in the quantities produced.,The GDP Deflator,The GDP deflator is calculated as follows:,The GDP Deflator,Nominal GDP

15、 is converted to real GDP as follows:,Table 2 Real and Nominal GDP,Figure 2 Real GDP in the United States,Billions of,2000 Dollars,$10,000,9,000,8,000,7,000,6,000,5,000,4,000,3,000,1970,1975,1980,1985,1990,2000,1995,2005,2,000,IS GDP A GOOD MEASURE OF ECONOMIC WELL-BEING?,GDP is the best single meas

16、ure of the economic well-being of a society. GDP per person tells us the income and expenditure of the average person in the economy. Higher 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-BEING,Som

17、e things that contribute to well-being are not included in GDP.The value of leisure.The value of a clean environment.The value of almost 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 and

18、the Quality of Life,Because 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 produc

19、tion of these goods and services.,GDP is the market value of all final goods and services produced within a country in a given period of time.GDP is divided among four components of expenditure: consumption, investment, government purchases, and net exports.,Nominal GDP uses current prices to value

20、the economys production. Real GDP uses constant base-year prices to value the economys production of goods and services.The GDP deflatorcalculated from the ratio of nominal to real GDPmeasures the level of prices in the economy.,GDP is a good measure of economic well-being because people prefer high

21、er to lower incomes.It is not a perfect measure of well-being because some things, such as leisure time and a clean environment, are not measured by GDP.,Dollar figures from different points in time do not represent a valid comparison of purchasing power.Various laws and private contracts use price indexes to correct for the effects of inflation.The real interest rate equals the nominal interest rate minus the rate of inflation.,