曼昆 宏观经济学 第七版 讲义(2).pptVIP

source: Bureau of Labor Statistics, U.S. Department of Labor. * Source: /fred2/ This graph shows the percentage change in total U.S. non-farm employment from 12 months earlier (based on monthly, seasonally-adjusted data from the Bureau of Labor Statistics), from two surveys: The household survey, which is used to generate the widely-known unemployment rate data, and the establishment survey. The textbook discusses the establishment survey in detail and contrasts it with the household survey to help explain the divergences. * * * * * This is why economists often use the terms income, output, expenditure, and GDP interchangeably. * Emphasize that the difference b/w GDP and GNP boils down to two things: location of the economic activity, and ownership (domestic vs. foreign) of the factors of production. From the perspective of the U.S., factor payments from abroad includes things like wages earned by U.S. citizens working abroad profits earned by U.S.-owned businesses located abroad income (interest, dividends, rent, etc) generated from the foreign assets owned by U.S. citizens Factor payments to abroad includes things like wages earned by foreign workers in the U.S. profits earned by foreign-owned businesses located in the U.S. income (interest, dividends, rent, etc) that foreigners earn on U.S. assets Chapter 3 introduces factor markets and factor prices. It might be worth mentioning that factor payments are simply payments to the factors of production, for example, the wages earned by labor. This issue is subjective, and the question is intended to get students to think a little deeper about the difference between GNP and GDP. Of course, there is no single correct answer. Some students offer this response: It’s better to have GNP GDP, because it means our nation’s income is greater than the value of what we are producing domestically. If, instead, GDP GNP, then a portion of the income generated in our country is going to people in o