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Topic 6 National Income Accounting and the Balance of Payments Preview Micro vs. Macroeconomics National income accounts GNP: measure of national income and the value of production Components of GNP: C, I, G, and EX-IM National saving, investment, and the current account Balance of payments accounts Micro vs. Macroeconomics Can economic analysis help us understand both the interdependencies among countries and the reasons why their wealth differs? Micro vs. Macroeconomics (cont.) Trade is a microeconomics topic: How can countries make the best use of scarce resources at a single point in time? Focused on how the decisions of consumers and firms determined resource allocation and patterns of trade. Free trade encourages efficient resource use. Government policies can create waste. Micro vs. Macroeconomics (cont.) Finance is a macroeconomics topic: How can economic policy ensure that factors of production are fully employed? What determines how an economy’s capacity to produce goods and services changes over time? Focus on economies’ overall level of employment, production, and growth. Study the behavior of the economy as a whole vs. decisions of individuals. Learn how the interactions of countries influence worldwide patterns of macroeconomic activity. Micro vs. Macroeconomics (cont.) Macro emphasizes four aspects of economic life: Unemployment: factors that cause it and steps government can take to prevent it. Savings: previously we assumed that every country consumes an amount equal to its income. However, a country’s savings or borrowing behavior affects domestic employment and future levels of national wealth. Micro vs. Macroeconomics (cont.) Trade imbalances: previously we assumed that the value of a country’s imports equals the value of its exports. However, trade imbalances are a main channel through which one country’s macroeconomic policies affect its trading partners. Money and the price level: previously we ignored money. Goods were exchanged directly