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?2007ThomsonSouth-Western?2007ThomsonSouth-WesternMeasuringaNation’sIncomeMicroeconomics
isthestudyofhowindividualhouseholdsandfirmsmakedecisionsandhowtheyinteractwithoneanotherinmarkets.Macroeconomics
isthestudyoftheeconomyasawhole.Itsgoalistoexplaintheeconomicchangesthataffectmanyhouseholds,firms,andmarketsatonce.MeasuringaNation’sIncomeMicMeasuringaNation’sIncomeMacroeconomicsanswersquestionslikethefollowing:Whyisaverageincomehighinsomecountriesandlowinothers?Whydopricesriserapidlyinsometimeperiodswhiletheyaremorestableinothers?Whydoproductionandemploymentexpandinsomeyearsandcontractinothers?MeasuringaNation’sIncomeMacTHEECONOMY’SINCOMEANDEXPENDITUREWhenjudgingwhethertheeconomyisdoingwellorpoorly,itisnaturaltolookatthetotalincomethateveryoneintheeconomyisearning.THEECONOMY’SINCOMEANDEXPENTHEECONOMY’SINCOMEANDEXPENDITUREForaneconomyasawhole,incomemustequalexpenditurebecause:Everytransactionhasabuyerandaseller.Everydollarofspendingbysomebuyerisadollarofincomeforsomeseller.THEECONOMY’SINCOMEANDEXPENFigure1TheCircular-FlowDiagramSpendingGoodsandservicesboughtRevenueGoodsandservicessoldLabor,land,andcapitalIncome
=Flowofinputs
andoutputs
=FlowofdollarsFactorsofproductionWages,rent,andprofit
FIRMSProduceandsellgoodsandservicesHireandusefactorsofproduction
BuyandconsumegoodsandservicesOwnandsellfactorsofproductionHOUSEHOLDS
HouseholdssellFirmsbuyMARKETSFORFACTORSOFPRODUCTION
FirmssellHouseholdsbuyMARKETSFORGOODSANDSERVICESFigure1TheCircular-FlowDiaTHEMEASUREMENTOFGROSSDOMESTICPRODUCTGrossdomesticproduct(GDP)isameasureoftheincomeandexpendituresofaneconomy.GDPisthetotalmarketvalueofallfinalgoodsandservicesproducedwithinacountryinagivenperiodoftime.THEMEASUREMENTOFGROSSDOMESTHEMEASUREMENTOFGROSSDOMESTICPRODUCTTheequalityofincomeandexpenditurecanbeillustratedwiththecircular-flowdiagram.THEMEASUREMENTOFGROSSDOMESTHEMEASUREMENTOFGROSSDOMESTICPRODUCT“GDPistheMarketValue...”O(jiān)utputisvaluedatmarketprices.“...OfAll...”Includesallitemsproducedintheeconomyandlegallysoldinmarkets“...Final...”Itrecordsonlythevalueoffinalgoods,notintermediategoods(thevalueiscountedonlyonce).“...GoodsandServices...”Itincludesbothtangiblegoods(food,clothing,cars)andintangibleservices(haircuts,housecleaning,doctorvisits).THEMEASUREMENTOFGROSSDOMESTHEMEASUREMENTOFGROSSDOMESTICPRODUCT“...Produced...”Itincludesgoodsandservicescurrentlyproduced,nottransactionsinvolvinggoodsproducedinthepast.“...WithinaCountry...”Itmeasuresthevalueofproductionwithinthegeographicconfinesofacountry.
“...InaGivenPeriodofTime.”Itmeasuresthevalueofproductionthattakesplacewithinaspecificintervaloftime,usuallyayearoraquarter(threemonths).THEMEASUREMENTOFGROSSDOMESTHECOMPONENTSOFGDPGDPincludesallitemsproducedintheeconomyandsoldlegallyinmarkets.WhatIsNotCountedinGDP?GDPexcludesmostitemsthatareproducedandconsumedathomeandthatneverenterthemarketplace.Itexcludesitemsproducedandsoldillicitly,suchasillegaldrugs.THECOMPONENTSOFGDPGDPinclTHECOMPONENTSOFGDPGDP(Y)isthesumofthefollowing:Consumption(C)Investment(I)GovernmentPurchases(G)NetExports(NX)Y=C+I+G+NXTHECOMPONENTSOFGDPGDP(Y)iTHECOMPONENTSOFGDPConsumption
(C):Thespendingbyhouseholdsongoodsandservices,withtheexceptionofpurchasesofnewhousing.Investment
(I):Thespendingoncapitalequipment,inventories,andstructures,includingnewhousing.THECOMPONENTSOFGDPConsumptiTHECOMPONENTSOFGDPGovernmentPurchases
(G):Thespendingongoodsandservicesbylocal,state,andfederalgovernments.Doesnotincludetransferpaymentsbecausetheyarenotmadeinexchangeforcurrentlyproducedgoodsorservices.NetExports
(NX):Exportsminusimports.THECOMPONENTSOFGDPGovernmenTable1GDPandItsComponentsTable1GDPandItsComponentsGDPandItsComponents(2004)Consumption70%GovernmentPurchases15%NetExports-5%Investment16%GDPandItsComponents(2004)CREALVERSUSNOMINALGDPNominalGDP
valuestheproductionofgoodsandservicesatcurrentprices.RealGDP
valuestheproductionofgoodsandservicesatconstantprices.
REALVERSUSNOMINALGDPNominalREALVERSUSNOMINALGDPAnaccurateviewoftheeconomyrequiresadjustingnominaltorealGDPbyusingtheGDPdeflator.REALVERSUSNOMINALGDPAnaccuTable2RealandNominalGDPTable2RealandNominalGDPTable2RealandNominalGDPTable2RealandNominalGDPTable2RealandNominalGDPTable2RealandNominalGDPTheGDPDeflatorTheGDPdeflatorisameasureofthepricelevelcalculatedastheratioofnominalGDPtorealGDPtimes100.IttellsuswhatportionoftheriseinnominalGDPthatisattributabletoariseinpricesratherthanariseinthequantitiesproduced.TheGDPDeflatorTheGDPdeflatTheGDPDeflatorTheGDPdeflatoriscalculatedasfollows:TheGDPDeflatorTheGDPDeflatorNominalGDPisconvertedtorealGDPasfollows:TheGDPDeflatorTable2RealandNominalGDPTable2RealandNominalGDPFigure2RealGDPintheUnitedStatesBillionsof2000Dollars$10,0009,0008,0007,0006,0005,0004,0003,000197019751980198519902000199520052,000Figure2RealGDPintheUniteISGDPAGOODMEASUREOFECONOMICWELL-BEING?GDPisthebestsinglemeasureoftheeconomicwell-beingofasociety.GDPperpersontellsustheincomeandexpenditureoftheaveragepersonintheeconomy.HigherGDPperpersonindicatesahigherstandardofliving.GDPisnotaperfectmeasureofthehappinessorqualityoflife,however.ISGDPAGOODMEASUREOFECONOGDPANDECONOMIC
WELL-BEINGSomethingsthatcontributetowell-beingarenotincludedinGDP.Thevalueofleisure.Thevalueofacleanenvironment.Thevalueofalmostallactivitythattakesplaceoutsideofmarkets,suchasthevalueofthetimeparentsspendwiththeirchildrenandthevalueofvolunteerwork.GDPANDECONOMIC
WELL-BEINGSoTable3GDPandtheQualityofLifeTable3GDPandtheQualityofBecauseeverytransactionhasabuyerandaseller,thetotalexpenditureintheeconomymustequalthetotalincomeintheeconomy.Grossdomesticproduct(GDP)measuresaneconomy’stotalexpenditureonnewlyproducedgoodsandservicesandthetotalincomeearnedfromtheproductionofthesegoodsandservices.BecauseeverytransactionhasGDPisthemarketvalueofallfinalgoodsandservicesproducedwithinacountryinagivenperiodoftime.GDPisdividedamongfourcomponentsofexpenditure:consumption,investment,governmentpurchases,andnetexports.GDPisthemarketvalueofallNominalGDPusescurrentpricestovaluetheeconomy’sproduction.RealGDPusesconstantbase-yearpricestovaluetheeconomy’sproductionofgoodsandservices.TheGDPdeflator—calculatedfromtheratioofnominaltorealGDP—measuresthelevelofpricesintheeconomy.NominalGDPusescurrentpriceGDPisagoodmeasureofeconomicwell-beingbecausepeoplepreferhighertolowerincomes.Itisnotaperfectmeasureofwell-beingbecausesomethings,suchasleisuretimeandacleanenvironment,arenotmeasuredbyGDP.GDPisagoodmeasureofeconoDollarfiguresfromdifferentpointsintimedonotrepresentavalidcomparisonofpurchasingpower.Variouslawsandprivatecontractsusepriceindexestocorrectfortheeffectsofinflation.Therealinterestrateequalsthenominalinterestrateminustherateofinflation.Dollarfiguresfromdifferent?2007ThomsonSouth-Western?2007ThomsonSouth-WesternMeasuringaNation’sIncomeMicroeconomics
isthestudyofhowindividualhouseholdsandfirmsmakedecisionsandhowtheyinteractwithoneanotherinmarkets.Macroeconomics
isthestudyoftheeconomyasawhole.Itsgoalistoexplaintheeconomicchangesthataffectmanyhouseholds,firms,andmarketsatonce.MeasuringaNation’sIncomeMicMeasuringaNation’sIncomeMacroeconomicsanswersquestionslikethefollowing:Whyisaverageincomehighinsomecountriesandlowinothers?Whydopricesriserapidlyinsometimeperiodswhiletheyaremorestableinothers?Whydoproductionandemploymentexpandinsomeyearsandcontractinothers?MeasuringaNation’sIncomeMacTHEECONOMY’SINCOMEANDEXPENDITUREWhenjudgingwhethertheeconomyisdoingwellorpoorly,itisnaturaltolookatthetotalincomethateveryoneintheeconomyisearning.THEECONOMY’SINCOMEANDEXPENTHEECONOMY’SINCOMEANDEXPENDITUREForaneconomyasawhole,incomemustequalexpenditurebecause:Everytransactionhasabuyerandaseller.Everydollarofspendingbysomebuyerisadollarofincomeforsomeseller.THEECONOMY’SINCOMEANDEXPENFigure1TheCircular-FlowDiagramSpendingGoodsandservicesboughtRevenueGoodsandservicessoldLabor,land,andcapitalIncome
=Flowofinputs
andoutputs
=FlowofdollarsFactorsofproductionWages,rent,andprofit
FIRMSProduceandsellgoodsandservicesHireandusefactorsofproduction
BuyandconsumegoodsandservicesOwnandsellfactorsofproductionHOUSEHOLDS
HouseholdssellFirmsbuyMARKETSFORFACTORSOFPRODUCTION
FirmssellHouseholdsbuyMARKETSFORGOODSANDSERVICESFigure1TheCircular-FlowDiaTHEMEASUREMENTOFGROSSDOMESTICPRODUCTGrossdomesticproduct(GDP)isameasureoftheincomeandexpendituresofaneconomy.GDPisthetotalmarketvalueofallfinalgoodsandservicesproducedwithinacountryinagivenperiodoftime.THEMEASUREMENTOFGROSSDOMESTHEMEASUREMENTOFGROSSDOMESTICPRODUCTTheequalityofincomeandexpenditurecanbeillustratedwiththecircular-flowdiagram.THEMEASUREMENTOFGROSSDOMESTHEMEASUREMENTOFGROSSDOMESTICPRODUCT“GDPistheMarketValue...”O(jiān)utputisvaluedatmarketprices.“...OfAll...”Includesallitemsproducedintheeconomyandlegallysoldinmarkets“...Final...”Itrecordsonlythevalueoffinalgoods,notintermediategoods(thevalueiscountedonlyonce).“...GoodsandServices...”Itincludesbothtangiblegoods(food,clothing,cars)andintangibleservices(haircuts,housecleaning,doctorvisits).THEMEASUREMENTOFGROSSDOMESTHEMEASUREMENTOFGROSSDOMESTICPRODUCT“...Produced...”Itincludesgoodsandservicescurrentlyproduced,nottransactionsinvolvinggoodsproducedinthepast.“...WithinaCountry...”Itmeasuresthevalueofproductionwithinthegeographicconfinesofacountry.
“...InaGivenPeriodofTime.”Itmeasuresthevalueofproductionthattakesplacewithinaspecificintervaloftime,usuallyayearoraquarter(threemonths).THEMEASUREMENTOFGROSSDOMESTHECOMPONENTSOFGDPGDPincludesallitemsproducedintheeconomyandsoldlegallyinmarkets.WhatIsNotCountedinGDP?GDPexcludesmostitemsthatareproducedandconsumedathomeandthatneverenterthemarketplace.Itexcludesitemsproducedandsoldillicitly,suchasillegaldrugs.THECOMPONENTSOFGDPGDPinclTHECOMPONENTSOFGDPGDP(Y)isthesumofthefollowing:Consumption(C)Investment(I)GovernmentPurchases(G)NetExports(NX)Y=C+I+G+NXTHECOMPONENTSOFGDPGDP(Y)iTHECOMPONENTSOFGDPConsumption
(C):Thespendingbyhouseholdsongoodsandservices,withtheexceptionofpurchasesofnewhousing.Investment
(I):Thespendingoncapitalequipment,inventories,andstructures,includingnewhousing.THECOMPONENTSOFGDPConsumptiTHECOMPONENTSOFGDPGovernmentPurchases
(G):Thespendingongoodsandservicesbylocal,state,andfederalgovernments.Doesnotincludetransferpaymentsbecausetheyarenotmadeinexchangeforcurrentlyproducedgoodsorservices.NetExports
(NX):Exportsminusimports.THECOMPONENTSOFGDPGovernmenTable1GDPandItsComponentsTable1GDPandItsComponentsGDPandItsComponents(2004)Consumption70%GovernmentPurchases15%NetExports-5%Investment16%GDPandItsComponents(2004)CREALVERSUSNOMINALGDPNominalGDP
valuestheproductionofgoodsandservicesatcurrentprices.RealGDP
valuestheproductionofgoodsandservicesatconstantprices.
REALVERSUSNOMINALGDPNominalREALVERSUSNOMINALGDPAnaccurateviewoftheeconomyrequiresadjustingnominaltorealGDPbyusingtheGDPdeflator.REALVERSUSNOMINALGDPAnaccuTable2RealandNominalGDPTable2RealandNominalGDPTable2RealandNominalGDPTable2RealandNominalGDPTable2RealandNominalGDPTable2RealandNominalGDPTheGDPDeflatorTheGDPdeflatorisameasureofthepricelevelcalculatedastheratioofnominalGDPtorealGDPtimes100.IttellsuswhatportionoftheriseinnominalGDPthatisattributabletoariseinpricesratherthanariseinthequantitiesproduced.TheGDPDeflatorTheGDPdeflatTheGDPDeflatorTheGDPdeflatoriscalculatedasfollows:TheGDPDeflatorTheGDPDeflatorNominalGDPisconvertedtorealGDPasfollows:TheGDPDeflatorTable2RealandNominalGDPTable2RealandNominalGDPFigure2RealGDPintheUnitedStatesBillionsof2000Dollars$10,0009,0008,0007,0006,0005,0004,0003,000197019751980198519902000199520052,000Figure2RealGDPintheUniteISGDPAGOODMEASUREOFECONOMICWELL-BEING?GDPisthebestsinglemeasureoftheeconomicwell-beingofasociety.GDPperpersontellsustheincomeandexpenditureoftheaveragepersonintheeconomy.HigherGDPperpersonindicatesahigherstandardofliving.GDPisnotaperfectmeasureofthehappinessorqualityoflife,however.ISGDPAGOODMEASUREOFECONOGDPANDECONOMIC
WELL-BEINGSomethingsthatcontributetowell-beingarenotincludedinGDP.Thevalueofleisure.Thevalueofacleanenvironment.Thevalueofalmostallactivitythattakesplaceoutsideofmarkets,suchasthevalueofthetimeparentsspendwiththeirchildrena
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