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Econ Ch 13

Ch13 covering GDP, etc

Iain Loch

on 8 August 2014

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Transcript of Econ Ch 13

Chapter 13:
The Economy's Performance

Lesson 6
Macro - Microeconomics

How do you measure your success?
Section 1 -
National Income Accounting
Countries are the same!
National Income Accounting
Measures all the national economy's performance
Gross Domestic Product (GDP)
Total dollar value of all final goods and services produced in a nation in a single year
Computing GDP
Consumer Sector
Investment Sector
Net Exports
Is there anything the GDP wouldn't count?
So GDP is the total the country makes.

How could we work out how the average each person makes?
Divide the GDP by population
Per Capita GDP
Net Domestic Product
GDP - Depreciation
What about items produced outside the USA?
Gross National Product (GNP) -
measures the total market value of final goods and services produced by U.S. citizens no matter where in the world they reside.
National Income
Personal Income
Disposable Personal Income
National Income
Personal Income
Disposable Personal Income
total income earned by everyone in the economy
total income that individuals receive before personal taxes are paid
income remaining for people to spend or save after all taxes have been paid
What is inflation?
Section 2 -
Correcting Statistics for Inflation
Read through Section 2 (page 224) and complete the handout
Does anyone know what aggregate means?
Section 3 -
Aggregate Demand & Supply
Aggregate Demand
total quantity of goods and services in the entire economy that all citizens will demand at any single time
What did the Demand curve look like?
What do you think the Aggregate Demand curve will look like?
Aggregate Supply
real domestic output of producers based on the rise and fall of the price level
Section 4 - Business Fluctuations
Do you think it looks as smooth as this in the real world?
Section 5 - Causes and Indicators of Business Fluctuations
Read as a class (page 237)
Matching :
Multiple Choice:
real GDP doesn't grow for at least 6 months.
Does anyone know what this is called in Brazil?
How has Brazilian GDP been? How does it compare to America's? - You tell me next week!
Full transcript