文档介绍：CHAPTER 2
TRACKING THE MACROECONOMY
Slide 1
What You Will Learn in this Chapter:
How economists use aggregate measures to track the performance of the economy
What gross domestic product, or GDP, is and the three ways of calculating it
The difference between real GDP and nominal GDP and why real GDP is the appropriate measure of real economic activity
The significance of the unemployment rate and how it moves over the business cycle
What a price index is and how it is used to calculate the inflation rate
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The Circular-Flow Diagram
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An Expanded Circular-Flow Diagram: The Flows of Money Through the Economy
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The National Accounts
Almost all countries calculate a set of numbers known as the national e and product accounts
The national e and product accounts, or national accounts, keep track of the flows of money between different parts of the economy
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The National Accounts
Households earn e via the factor markets from wages, interest on bonds, dividends on stocks, and rent on land
In addition, they receive government transfers from the government
Disposable e, total household e minus taxes, is either expended as consumer spending (C) or goes into private savings
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The National Accounts
Via the financial markets, private savings is channelled to firms for investment spending (I)
Government purchases of goods and services (G) is paid for by tax receipts as well as by government borrowing
Exports (X) generate an inflow of funds into the country from the rest of the world, while imports (IM) lead to an outflow of funds to the rest of the world
Foreigners can also buy stocks and bonds in the Canadian financial market, and Canadians can buy stocks and bonds in foreign financial markets
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Gross Domestic Product
Gross domestic product, or GDP, measures the value of all final goods and services produced in the economy
It does not include the value of intermediate goods
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Calculating Gross Domestic Product
GDP can be calculated three ways:
Adding up th