宏观经济学原理与应用（第二版）教学配套课件罗伯特.E.霍尔prod_inc_employment.pdfVIP

Production, Income, and Employment Slides by: John Pamela Hall ECONOMICS: Principles and Applications 3e HALL LIEBERMAN © 2005 Thomson Business and Professional Publishing Production and Gross Domestic Product, GDP: A Definition • U.S. government has been measuring nation’s total production since 1930s • Many conceptual traps and pitfalls – This is why economists have come up with a very precise definition of GDP – The nation’s gross domestic product (GDP) • Total value of all final goods and services produced for the marketplace during a given period within the nation’s borders 2 Production and Gross Domestic Product, GDP: A Definition • The total value – Approach of GDP is to add up dollar value of every good or service—the number of dollars each product is sold for • However, using the dollar prices at which goods and services actually sell also creates a problem – If prices rise, then GDP will rise, even if we are not actually producing more – GDP must be adjusted to take away the effects of inflation • …of all final… – When measuring production, we do not count every good or service produced in the economy • Only those that are sold to their final users • Avoids over-counting intermediate products when measuring GDP – Value of all intermediate products is automatically included in value of final products they are used to create 3 Production and Gross Domestic Product, GDP: A Definition • …goods and services… – We all know a good when we see one – Final service