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- 2. Measuring a Nation’s Income Microeconomics Microeconomics is the study of how individual households and firms make
- 3. The Macro Economy
- 4. Measuring a Nation’s Income Macroeconomics answers questions like the following: Why is average income high in
- 5. THE ECONOMY’S INCOME AND EXPENDITURE When judging whether the economy is doing well or poorly, it
- 6. THE ECONOMY’S INCOME AND EXPENDITURE For an economy as a whole, income must equal expenditure because:
- 7. THE MEASUREMENT OF GROSS DOMESTIC PRODUCT Gross domestic product (GDP) is a measure of the income
- 8. THE MEASUREMENT OF GROSS DOMESTIC PRODUCT The equality of income and expenditure can be illustrated with
- 9. The Circular-Flow Diagram Spending Revenue Income = Flow of inputs and outputs = Flow of dollars
- 10. THE MEASUREMENT OF GROSS DOMESTIC PRODUCT GDP is the market value of all final goods and
- 11. THE MEASUREMENT OF GROSS DOMESTIC PRODUCT “GDP is the Market Value . . .” Output is
- 12. THE MEASUREMENT OF GROSS DOMESTIC PRODUCT “. . . Produced . . .” It includes goods
- 13. THE MEASUREMENT OF GROSS DOMESTIC PRODUCT “. . . In a Given Period of Time.” It
- 14. THE COMPONENTS OF GDP GDP includes all items produced in the economy and sold legally in
- 15. THE COMPONENTS OF GDP What Is Not Counted in GDP? GDP excludes most items that are
- 16. THE COMPONENTS OF GDP GDP (Y) is the sum of the following: Consumption (C) Investment (I)
- 17. THE COMPONENTS OF GDP Consumption (C): The spending by households on goods and services, with the
- 18. THE COMPONENTS OF GDP Government Purchases (G): The spending on goods and services by local, state,
- 19. GDP and Its Components (An example)
- 21. GDP AND ECONOMIC WELL-BEING GDP is the best single measure of the economic well-being of a
- 22. GDP AND ECONOMIC WELL-BEING Higher GDP per person indicates a higher standard of living. GDP is
- 23. GDP AND ECONOMIC WELL-BEING Some things that contribute to well-being are not included in GDP. The
- 24. GDP, Life Expectancy, and Literacy Copyright©2004 South-Western
- 25. Summary Because every transaction has a buyer and a seller, the total expenditure in the economy
- 26. Summary GDP is the market value of all final goods and services produced within a country
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