巴德 宏观经济学原理（英文版·第8版）Chapter 5.pptxVIP

How do we track our economy’sbooms and busts? 5When you have completed your study of this chapter, you will be able to1 Define GDP and explain why the value of production, income, and expenditure are the same for an economy.2 Describe how economic statisticians measure GDP and distinguish between nominal GDP and real GDP.3 Describe the uses of real GDP and explain its limitations as a measure of the standard of living.CHAPTER CHECKLISTGDP: A Measure of TotalProduction and Income 5.1 GDP, INCOME, AND EXPENDITUREGDP DefinedGross domestic product or GDPThe market value of all the final goods and services produced within a country in a given time period.Value ProducedUse market prices to value production. 5.1 GDP, INCOME, AND EXPENDITUREWhat ProducedFinal good or service is a good or service that is produced for its final user and not as a component of another good or service.Intermediate good or service is a good or service that is produced by one firm, bought by another firm, and used as a component of a final good or service.GDP includes only those items that are traded in markets. 5.1 GDP, INCOME, AND EXPENDITUREWhere ProducedWithin a countryWhen ProducedDuring a given time period 5.1 GDP, INCOME, AND EXPENDITURECircular Flows in the U.S. EconomyConsumption expenditure is the expenditure by households on consumption goods and services.Investment is the purchase of new capital goods (tools, instruments, machines, buildings, and other constructions) and additions to inventories. 5.1 GDP, INCOME, AND EXPENDITUREGovernment expenditure on goods and services is the expenditure by all levels of government on goods and services.Net exports of goods and services is the value of exports of goods and services minus the value of imports of goods and services. 5.1 GDP, INCOME, AND EXPENDITUREExports of goods and services are the items that firms in the United States produce and sell to the rest of the world.Imports of goods and services are the items that households,