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Measuring a Nations Income
Macroeconomics
Study of economy-wide phenomena
Including inflation, unemployment, and economic growth
final
Value of intermediate goods is already included in the prices of the final goods
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produced
Goods and services currently produced
within a country
Goods and services produced domestically, regardless of the nationality of the producer
Investment
Spending on capital equipment, inventories, and structures Including household purchases of new housing Inventory accumulation
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Imports
Spending on foreign goods by domestic residents
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The components of U.S. GDP 2007, GDP of the United States = $14 trillion GDP per person = $45,838
Consumption = $32,225 per person Investment = $7,061 per person Government purchases = $8,912 per person Net exports = $2,360 per person
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Table
100% 70 15 19 -5
This table shows total GDP for the U.S. economy in 2007 and the breakdown of GDP among its four components. When reading this table, recall the identity Y = C + I + G + NX.
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Nominal GDP
Production of goods and services Valued at current prices
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Table
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Prices and Quantities
Price of hamburgers
$2 $3 $4 Calculating Nominal GDP
Quantity of hamburgers
50 100 150
($1 per hot dog 100 hot dogs) + ($2 per hamburger 50 hamburgers) = $200 ($2 per hot dog 150 hot dogs) + ($3 per hamburger 100 hamburgers) = $600 ($3 per hot dog 200 hot dogs) + ($4 per hamburger 150 hamburgers) = $1,200 Calculating Real GDP (base year 2008) ($1 per hot dog 100 hot dogs) + ($2 per hamburger 50 hamburgers) = $200 ($1 per hot dog 150 hot dogs) + ($2 per hamburger 100 hamburgers) = $350 ($1 per hot dog 200 hot dogs) + ($2 per hamburger 150 hamburgers) = $500 Calculating the GDP Deflator
($200 / $200) 100 = 100 ($600 / $350) 100 = 171 ($1,200 / $500) 100 = 240
This table shows how to calculate real GDP, nominal GDP, and the GDP deflator for a hypothetical economy that produces only hot dogs and hamburgers.
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Inflation
Economys overall price level is rising
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Recession
Real GDP declines Lower income Rising unemployment Falling profits Increased bankruptcies
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This figure shows quarterly data on real GDP for the U.S. economy since 1965. Recessionsperiods of falling real GDPare marked with the shaded vertical bars. 21
Figure
Percentage % 9
8 7 6 5
4 3 2 1 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20102011 (e) Years
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No distribution of income
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International differences in GDP and the quality of life Rich countries - Higher GDP per person
Better
Life expectancy Literacy Internet usage
International differences in GDP and the quality of life Low GDP per person
More infants with low birth weight Higher rates of infant mortality Higher rates of maternal mortality Higher rates of child malnutrition Less common access to safe drinking water Fewer school-age children are actually in school Fewer teachers per student Fewer televisions; Fewer telephones Fewer paved roads Fewer households with electricity
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Table
United States Japan Germany Russia Mexico Brazil China Indonesia India Pakistan Bangladesh Nigeria
$41,890 31,267 29,461 10,845 10,751 8,402 6,757 3,843 3,452 2,370 2,053 1,128
78 years 82 79 65 76 72 72 70 64 65 63 47
99% 99 99 99 92 89 91 90 61 50 47 69
63 % 67 45 15 18 19 9 7 3 7 0.3 4
The table shows GDP per person and three other measures of the quality of life for twelve major countries.
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