曼昆宏观经济学第六版课件3.pdf

C H A P T E R 3 National Income: Where it Comes From and Where it Goes MACROECONOMICS SIXTH EDITION MACROECONOMICS SIXTH EDITION N. GREGORY MANKIW N. GREGORY MANKIW In this chapter, you will learn §what determines the economy s total output/income §how the prices of the factors of production are determined §how total income is distributed §what determines the demand for goods and services §how equilibrium in the goods market is achieved CHAPTER 3 National Income slide 1 Outline of model A closed economy, market-clearing model Supply side § factor markets (supply, demand, price) § determination of output/income Demand side § determinants of C, I, and G Equilibrium § goods market § loanable funds market CHAPTER 3 National Income slide 2 Factors of production K = capital: tools, machines, and structures used in production L = labor: the physical and mental efforts of workers CHAPTER 3 National Income slide 3 The production function §denoted Y = F(K,L) §shows how much output ( Y) the economy can produce from K units of capital and L units of labor §reflects the economy s level of technology §exhibits constant returns to scale CHAPTER 3 National Income slide 4 Returns to scale: A review Initially Y = F (K , L ) 1 1 1 Scale all inputs by the same factor z: K = zK and L = zL 2 1 2 1 (e.g., if z = 1.25, then all inputs are increased by 25%)