曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件.ppt

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 intermediate 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 currently 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 time, 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 and 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 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 are 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) Consumption 70% Government