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1、TheScienceofMacroeconomics22010UPDATEInthischapter,youwilllearn:…themeaningandmeasurementofthe mostimportantmacroeconomicstatistics:GrossDomesticProduct(GDP)TheConsumerPriceIndex(CPI)TheunemploymentrateGrossDomesticProduct: ExpenditureandIncomeTwodefinitions:Totalexpenditureondomesticall
2、y-produced finalgoodsandservices.Totalincomeearnedbydomestically-located factorsofproduction.Expenditureequalsincomebecause everydollarspentbyabuyer becomesincometotheseller.TheCircularFlowHouseholdsFirmsGoodsLaborExpenditure($)Income($)ValueaddedValueadded: Thevalueofoutputminus thevalu
3、eoftheintermediategoods usedtoproducethatoutputNOWYOUTRY:Identifyingvalue-addedAfarmergrowsabushelofwheat andsellsittoamillerfor$1.00.Themillerturnsthewheatintoflour andsellsittoabakerfor$3.00.Thebakerusestheflourtomakealoafof breadandsellsittoanengineerfor$6.00.Theengineereatsthebread.C
4、omputevalueaddedateachstage ofproductionandGDPFinalgoods,valueadded,andGDPGDP=valueoffinalgoodsproduced=sumofvalueaddedatallstagesofproduction.Thevalueofthefinalgoodsalreadyincludesthevalueoftheintermediategoods, soincludingintermediateandfinalgoodsinGDPwouldbedouble-counting.Theexpendit
5、urecomponentsofGDPconsumption,Cinvestment,Igovernmentspending,Gnetexports,NXAnimportantidentity:Y=C+I+G+NXaggregateexpenditurevalueoftotaloutputConsumption(C)durablegoodslastalongtime e.g.,cars,homeappliancesnondurablegoodslastashorttime e.g.,food,clothingservicesworkdoneforconsumers e.g
6、.,drycleaning, airtraveldefinition:Thevalueofallgoodsandservicesboughtbyhouseholds.Includes:U.S.consumption,200948.015.67.370.8%6,7712,2041,027$10,001ServicesNondurablesDurablesConsumption%ofGDP$billionsInvestment(I)Spendingongoodsboughtforfutureuse (i.e.,capitalgoods)Includes:Businessfi
7、xedinvestmentSpendingonplantandequipmentResidentialfixedinvestmentSpendingbyconsumersandlandlordsonhousingunitsInventoryinvestmentThechangeinthevalueofallfirms’inventoriesU.S.Investment,2009–0.92.59.711.3%–1273521,364$1,589InventoryResidentialBusinessfixedInvestment%ofGDP
