tailieunhanh - Lecture Macroeconomics (9/e): Chapter 7 - David C. Colander

Chapter 7 - Measuring the aggregate economy. After reading this chapter, you should be able to: Calculate GDP using the expenditures and, value added approaches; calculate aggregate income and explain how it relates to aggregate production; distinguish real from nominal concepts; describe the limitations of using GDP and national income accounting. | Measuring the Aggregate Economy The government is very keen on amazing statistics They collect them, add them, raise them to the nth power, take the cube root and prepare wonderful diagrams. But you must never forget that every one of these figures comes in the first instance from the village watchman, who just puts down what he damn pleases. — Sir Josiah Stamp (head of Britain’s revenue department in the late 19th century) Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter Goals Calculate GDP using the expenditures and value added approaches Distinguish real from nominal concepts Calculate aggregate income and explain how it relates to aggregate production Describe the limitations of using GDP and national income accounting 2 Aggregate Accounting Aggregate accounting (or national income accounting) is a set of rules and definitions for measuring economic activity in the economy as a whole Aggregate accounting is a way of measuring . | Measuring the Aggregate Economy The government is very keen on amazing statistics They collect them, add them, raise them to the nth power, take the cube root and prepare wonderful diagrams. But you must never forget that every one of these figures comes in the first instance from the village watchman, who just puts down what he damn pleases. — Sir Josiah Stamp (head of Britain’s revenue department in the late 19th century) Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter Goals Calculate GDP using the expenditures and value added approaches Distinguish real from nominal concepts Calculate aggregate income and explain how it relates to aggregate production Describe the limitations of using GDP and national income accounting 2 Aggregate Accounting Aggregate accounting (or national income accounting) is a set of rules and definitions for measuring economic activity in the economy as a whole Aggregate accounting is a way of measuring total, or aggregate production, expenditures, and income Gross domestic product (GDP) is the total market value of all final goods and services produced in an economy in a one-year period 3 The Components of GDP GDP is divided into four expenditure categories: Consumption (C) is spending by households on goods and services Investment (I) is spending for the purpose of additional production Government spending (G) is goods and services that government buys Net exports is spending on exports (X) minus spending on imports (M) GDP = Consumption + Investment + Government spending + Net exports GDP = C + I + G + (X-M) 4 GDP Measures Final Output GDP does not measure total transactions in the economy It counts final output, but not intermediate goods Final output is goods and services purchased for final use Intermediate products are used as an input in the production of some other product Counting the sale of both final and intermediate goods would result in double counting 5 Two Ways of .

• Kinh tế học
• Lecture Macroeconomics
• Kinh tế vĩ mô
• Macroeconomic problems
• International macroeconomic policy issues
• Aggregate economy
• Aggregate economy
• Bài giảng Kinh tế vĩ mô
• Science of macroeconomics
• Data of macroeconomics
• Unemployment rate
• Inflation rate
• Principles of microeconomics
• Economic models
• Tools of microeconomics
• Microeconomic transactions
• Natural rate of unemployment
• Consumer price index
• National income
• Agriculture sector
• Agricultural policies
• Economic fluctuations
• Macroeconomic policy
• Business cycle theory