[经济学]01-chapter5-GDP.pptVIP

Introduction to Economics Class 1 Fall 05 Microeconomics The part of economics concerned with such individual units as industries, firms, and the households. Macroeconomics the part of economics concerned with the economy as a whole. aggregate; total output; total employment; total income; aggregate expenditures; general level of prices Macroeconomics examines the beach, not the sand, rocks, and shells. Chapter 5 Measuring the Economy’s Output Main Points Definition of GDP How it is measured Expenditure Approach (支出法) Value Added Approach (增值法) Income Approach (收入法) Nominal vs. Real GDP Price Indices Sidebar GDP deflaton 4. Shortcomings of GDP As a measure of output As a measure of well-being WHAT IS GDP ? National income accounting The techniques used to measure the overall production of the economy and other related variables for the nation as a whole Aggregate output GDP WHAT IS GDP ? DEFN of GDP: The total value of all final goods and services produced for the market place during a given year, within the nation’s borders. Introduced during WWII as a measure of wartime production capacity. WHAT IS GDP? DEFN: The total VALUE of all final goods and services produced for the market place during a given year, within the nation’s borders. adds up the DOLLAR VALUE of every good and service Measure of output at the level at which we value that output. WHAT IS GDP? DEFN: The total value of all FINAL goods and services produced for the market place during a given year, within the nation’s borders. Only FINAL goods – avoid double counting Final goods- good/service sold to its final user Intermediate goods – goods which are produced by one firm for use in further processing by another firm. WHAT IS GDP? DEFN: The total value of all final goods and services PRODUCED for the market place during a given year, within th