ch12 National Income Accounting and the Balance of Payments 国际商务硕士 国际经济学 教学课件.pptVIP

Chapter 12 National Income Accounting and the Balance of Payments Preview National income accounts measures of national income measures of value of production measures of value of expenditure National saving, investment, and the current account Balance of payments accounts National Income Accounts Records the value of national income that results from production and expenditure. Producers earn income from buyers who spend money on goods and services. The amount of expenditure by buyers = the amount of income for sellers = the value of production. National income is often defined to be the income earned by a nation’s factors of production. National Income Accounts: GNP Gross national product (GNP) is the value of all final goods and services produced by a nation’s factors of production in a given time period. What are factors of production? Factors that are used to produce goods and services: workers (labor services), physical capital (like buildings and equipment), natural resources and others. The value of final goods and services produced by US-owned factors of production are counted as US GNP. National Income Accounts: GNP (cont.) GNP is calculated by adding the value of expenditure on final goods and services produced. There are 4 types of expenditure: Consumption: expenditure by domestic consumers Investment: expenditure by firms on buildings equipment Government purchases: expenditure by governments on goods and services Current account balance (exports minus imports): net expenditure by foreigners on domestic goods and services Fig. 12-1: U.S. GNP and Its Components National Income Accounts GNP is one measure of national income, but a more precise measure of national income is GNP adjusted for following: Depreciation of physical capital results in a loss of income to capital owners, so the amount of depreciation is subtracted from GNP. Unilateral transfers to and from other countries can change national income: payments of expatriate workers sent t