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ch2ppt课件

Macroeconomics Chapter 2 Nominal GDP the dollar (or euro, etc.) value of all the goods and services that an economy produces during a specified period, such as a year. Nominal GDP Flow variable - it measures the dollar amount of goods produced per unit of time, such as a year. GDP in current dollars Services by government: measured by costs Differ from GNP (gross national product): values of goods and service produced by domestic factors of productions. Eg: Japanese plant in China. Then the values of goods are viewed as GDP, not GNP for China, but GNP, not GDP for Japan. Real GDP Calculating Real GDP GDP in constant dollars Multiply each year’s quantity of output of each good by the price of the good in a base year. Chain-weighted real GDP Calculations (nominal GDP)/(implicit price level) = real GDP or implicit price level = (nominal GDP)/(real GDP) GDP as a Welfare Measure GDP does not: Consider change in income distribution Include non-market goods. Assign value to leisure. Consider environmental damage. Measuring GDP GDP Measured Using: (i) the expenditure approach; (ii) the income approach; (iii) the product approach. Three approaches yield the same value of GDP. GDP by Expenditure Personal Consumption Expenditures Gross Private Domestic Investment Government purchases of Goods and Services Exports and Imports Measuring of GDP: Example Fictional Island Economy Coconut Producer, Restaurant, Consumers, Government Coconut Producer Restaurant After-Tax Profits Government Consumers Expenditure Approach Total spending on all final goods and service in economy. Total expenditure = C + I + G + NX GDP Using Expenditure Approach Income Approach Add up all incomes received by all economic agents contributing to production in an economy. Measuring GDP by Income National Income includes: GDP Using the Income Approach Relationship between GDP and National Income GDP Using the Product (Value-added) Approach Sum of value added to goods and service i

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