曼昆经济学原理宏观部分二十三章.ppt

23 Measuring a Nation’s Income * * In this diagram, the green arrows represent flows of income/payments. The red arrows represent flows of goods services (including services of the factors of production in the lower half of the diagram). To keep the graph simple, we have omitted the government, financial system, and foreign sector, as discussed on the next slide. Changing the animation on this slide: If you wish, you can easily change the order in which the markets and arrows appear. From the “Slide Show” drop-down menu, choose “Custom Animation…” Then, a box will appear (maybe along the right-hand-side of your PowerPoint window) that allows you to modify the order in which things appear (as well as other aspects of the animation). For further information, open PowerPoint help and search on “change the sequence of animations.” * * In future chapters, we will study the role of each of these in greater detail. We could draw a more complicated circular flow diagram that includes the government, financial system, and foreign sector. Including them, however, would not change the basic conclusion that GDP simultaneously measures the country’s total income, expenditure, revenue, and factor payments. * * This slide and the five that follow focus on the meaning of each part of this critically important definition. Note that transactions occurring in the so-called “underground economy” are also omitted from the official measure of GDP. In the textbook, near the end of this chapter, an “In the News” box contains an excellent article on the underground economy. * * * * * * * * * * * * Each of the four components is defined and discussed in detail on the following slides. * * Mostly, the term “consumption” refers to what students probably already think of as total consumer spending. The note about the treatment of owner-occupied housing is an exception, and some of the test bank questions are designed to see if students remember this exception. (F