chapter five.ppt

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1、Chapter5measuringeconomicactivityGDPispartofthenationalincomeandproductaccounts(ornationalaccounts),whichareabodyofstatisticsthatenablepolicymakerstodeterminewhethertheeconomiciscontractingorexpanding.OneofThegreatinventionsofthetwentiethcentury.Grossdomesticproduct:theya

2、rdstickofaneconomy’sperformanceThegrossdomesticproductisthemostcomprehensivemeasureofanation’stotaloutputofgoodsandservices.Itisthesumofthedollarvaluesofconsumption(C),grossinvestment(I),governmentpurchasesofgoodsandservices(G),andnetexports(X)producedwithinanationduringa

3、givenyear.GDP=C+I+G+XTwomeasuresofnationalproduct:goodsflowandearningsflowFlow-of-productapproachEarningsorcostapproachEquivalenceofthetwoapproachesNationalaccountsderivedfrombusinessaccountsTheproblemof“doublecounting”Valueaddedisthedifferencebetweenafirm’ssalesanditspur

4、chasesofmaterialsandservicefromotherfirms.Consumption---thefirstimportantpartofGDPConsumptionisbyfarthelargecomponentofGDP,equalingabouttwo-thirdsofthetotalinrecentyears.(figure5-3)Consumptionexpendituresaredividedintothreecategories:durablegoods;nondurablegoods;servicesS

5、hareofConsumptioninNationalOutputHasRisenRecentlyInvestmentandcapitalformationIntheaccount,investmentconsistoftheadditionstothenation’scapitalstockofbuildings,equipment,software,andinventoriesduringayear.GDPisthesumofallfinalproducts.Alongwithconsumptiongoodsandservice,we

6、mustalsoincludegrossinvestment.Netvs.grossinvestment.Grossinvestmentincludesallthemachines,factories,andhousesbuiltduringayear–eventhoughsomewereproducedsimplytoreplacesomeoldcapitalgoodsthatburneddownorwerethrownonthescrapheap.depreciationGovernmentComplicatedAllthegover

7、nmentpayrollexpendituresonitsemployeesplusthecostsofgoodsitbuysfromprivateindustry(lasers,roads,andairplanes)areincludedinthisthirdcategoryofflowofproducts,called“governmentconsumptionexpendituresandgrossinvestment.”Exclusionoftransferpayments.Governmenttransferpaymentsar

8、egovernmentpaymentstoindividualsthatarenotmadeinexchangeforgoodsorservicessupplied.Interestofthe