Measuring the Economy GDP mhsstobbs测量经济GDP mhsstobbs.weebly.pptVIP

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Measuring the Economy GDP mhsstobbs测量经济GDP mhsstobbs.weebly.ppt

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Measuring the Economy GDP mhsstobbs测量经济GDP mhsstobbs.weebly

The Expenditure Method for Measuring GDP Expenditure 700,000 sold to consumers C = 700,000 x $15,000 = $10.5 billion 200,000 sold to businesses I = 200,000 x $15,000 = $3.0 billion 50,000 sold to government G = 50,000 x $15,000 = $.75 billion 25,000 exported (no imports) NX = 25,000 x $15,000 = $.375 billion The Expenditure Method for Measuring GDP Expenditure 975,000 sold 25,000 inventory I = 25,000 x $15,000 = $.375 billion GDP = C + I + G + NX $10.5 + (3.0 +.375) + .75 + .375 = $15.0 billion GDP = Labor Income + Capital Income Labor income Equals 2/3 of GDP Includes: Wages Salaries Income of the self-employed GDP and the Incomes of Capital and Labor GDP = Labor Income + Capital Income Capital income Equals 1/3 of GDP Includes: Profits Rents Interest Royalties GDP and the Incomes of Capital and Labor The Three Faces of GDP = = Market value of final goods and services Production Expenditure Income Investment Consumption Government purchases Net exports Capital Income Labor Income Prices and Quantities in 2004 and 2008 Quantity of pizzas Price of pizzas Quantity of calzones Price of calzones 2004 10 $10 15 $5 2008 20 $12 30 $6 GDP 2004 = (10)($10) + (15)($5) = $175 2008 = (20)($12) + (30)($6) = $420 Observations Output doubled GDP increased by 2.4 times Prices also rose GDP overstates economic growth Nominal GDP versus Real GDP Real GDP A measure of GDP in which the quantities produced are valued at the prices in a base year rather than at current prices Real GDP measures the actual physical volume of production Nominal GDP versus Real GDP Nominal GDP A measure of GDP in which the quantities produced are valued at current-year prices Nominal GDP measures the current dollar value of production Prices and Quantities in 2004 and 2008 Quantity of pizzas Price of pizzas Quantity of calzones Price of calzones 2004 10 $10 15 $5 2008 20 $12 30 $6 2004 = base year 2008 Real GDP = (20)($10) + (30)($5) = $350 2004 Real GDP = (10)($10) + (15)($5) = $175 Real GDP = Nomina