Chapter 2 GDP and standard of living课件.pptVIP

GDP GDP and Standard of living Chapter 5 3 big issues The standard of living The cost of living Economic fluctuation How does your standard of living compare with your parents when they were your age? Who is the better off:you or a college student in Pyongyang,North Korea? Contents GDP,Income,and Expenditure Measuring GDP How Macro-E run—the circular flow model Nominal GDP versus Real GDP Real GDP and the standard of living Chapter checklist Define GDP Describe how measure GDP Describe the circular flows in Macro-economy Distinguish between nominal GDP and real GDP Explain and describe the limitations of real GDP as a measure of the standard of living What ‘s the standard of living? The level of consumption of goods and services that people enjoy,on the average,measured by average income per person. 5.1 GDP,Income,and expenditure------- GDP defined GDP: Gross domestic product,or GDP,which is the market value of all the final goods and services produced within a country in a given time period. Do notice! Value produced What produced Where produced When producd Value produced—at their market value Which is the greater total production? What produced—final goods or service A final good or service is a good or service that is produced for its final user and not as a component of another good or service Intermediate good or service 增值与最终支出 Practice 1 Classify each of the following items as a final good or service or an intemidiate good or service Banking services bought by a student New cars bought by Hertz,the car rental firm Newsprint bought by USA TODAY from International Paper Ice cream bought by a diner and used to produce sundaes Where produced—within a country Nike Corporation ,a U.S.firm,produces sneakers in Vietnam Toyota produces automobiles in Georgetown,Kentucky When produced—within a given time period A quarter of a year----called the quarterly GDP data A year----called the annual GDP data Some rules for computing GDP Used goods Inventories