Ebook Survey of economics (6th edition): Part 2
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Ebook Survey of economics (6th edition): Part 2
THE___________AAACROECONOMYAND FISCAL POLICYThe first three chapters in this part explain key measures of how well the macroeconomy is performing. The Ebook Survey of economics (6th edition): Part 2ese measures include GDP, business cycles, unemployment, and inflation. Chapter 14 presents an important theoretical macro model based on aggregate demand and supply, and Chapter 15 demonstrates its application to federal government taxing and spending policies. The part concludes with two chapters Ebook Survey of economics (6th edition): Part 2that provide actual data on such hotly debated topics as: government spending and taxation, federal deficits.surpluses, and the national debt.CHAPTERGEbook Survey of economics (6th edition): Part 2
ross Domestic ProductChapter PreviewMeasuring the performance of the economy is an important part of life. Suppose one candidate for president of the THE___________AAACROECONOMYAND FISCAL POLICYThe first three chapters in this part explain key measures of how well the macroeconomy is performing. The Ebook Survey of economics (6th edition): Part 2ld perform much better. Which statistics would you seek to tell how well the economy is doing? The answer requires understanding some of the nuts and bolts of national income accounting. National income accounting IS the system used to measure the aggregate income and expenditures for a nation. Desp Ebook Survey of economics (6th edition): Part 2ite certain limitations, the national income accounting system provides a valuable indicator of an economy's performance. For example, you can visit tEbook Survey of economics (6th edition): Part 2
he Internet and check the annual Economic Report of the President to compare the size or growth of the U.S. economy between 2007 and 2008 or other yeaTHE___________AAACROECONOMYAND FISCAL POLICYThe first three chapters in this part explain key measures of how well the macroeconomy is performing. The Ebook Survey of economics (6th edition): Part 2n order to provide accounting methodologies for macro data, the late economist Simon Kuznets, the "father of GDP," published a small report in 1934 titled National Income, Ì 929-32. For his pioneering work, Kuznets earned the 1971 Nobel Prize in economics. Today, thanks in large part to Kuznets, mos Ebook Survey of economics (6th edition): Part 2t countries use common national accounting methods. National income accounting serves a nation similar to the manner in which accounting serves a busiEbook Survey of economics (6th edition): Part 2
ness or household. In each case, accounting methodology b vital for identifying economic problems and formulating plans for achieving goals.In this chTHE___________AAACROECONOMYAND FISCAL POLICYThe first three chapters in this part explain key measures of how well the macroeconomy is performing. The Ebook Survey of economics (6th edition): Part 2mployment programs?•Can one newscaster report that the economy grew, while another reports that for the same year the economy declined, and both reports be correct?How is the calculation of national output affected by environmental damage?218CHAPTER 11GROSS DOMESTIC PRC ... .Gross Domestic ProductTh Ebook Survey of economics (6th edition): Part 2e most widely reported measure throughout the world of a nation's economic perlor mauce is gross domestic product (GDP), which is the market value ofEbook Survey of economics (6th edition): Part 2
all final goods and services produced in .1 nation during a period of rime, usually a year. GDP therefore excludes production abroad by U.S. businesseTHE___________AAACROECONOMYAND FISCAL POLICYThe first three chapters in this part explain key measures of how well the macroeconomy is performing. The Ebook Survey of economics (6th edition): Part 2in the United States. Why is GDP important? One advantage ol GDP IS that It avoids rhe “apples and oranges” measurement problem. If an economy produces 10 apples one year and 10 oranges the next, can we say that the value of output has changed in any way? To answer this question, we must attach pric Ebook Survey of economics (6th edition): Part 2e tags in order to evalu are rhe relative monetary value of apples and oranges ro society. This is rhe reason GDP measures value using dollars, ratherEbook Survey of economics (6th edition): Part 2
than listing rhe number of cars, heart transplants, legal cases, toothbrushes, and tanks produced. Instead, the market determined dollar value establTHE___________AAACROECONOMYAND FISCAL POLICYThe first three chapters in this part explain key measures of how well the macroeconomy is performing. The Ebook Survey of economics (6th edition): Part 2ods and services.GDP also requires that we give rhe following two points special attention: (I) GDP counts only new domestic production, and (2) it counts only final goods.GDP Counts Only New Domestic ProductionNational income accountants calculating GDP carefully exclude transactions in two major a Ebook Survey of economics (6th edition): Part 2reas: secondhand transactions and nonproductive financial transactions.Secondhand Transactions CurrentGDP does not include the sale of a used car or tEbook Survey of economics (6th edition): Part 2
he sale of a home constructed some years ago. Such transactions arc merely exchanges of previously produced goods and not current production of new goTHE___________AAACROECONOMYAND FISCAL POLICYThe first three chapters in this part explain key measures of how well the macroeconomy is performing. The Ebook Survey of economics (6th edition): Part 2 current GDP because the salesperson performed a service during the present period of time.Nonproductive Financial TransactionsGDP does not count purely private or public financial transactions, such as giving private gifts, buying and selling stocks and bonds, and making transfer payments. A transf Ebook Survey of economics (6th edition): Part 2er payment is a government payment to individuals not in exchange for goods or services currently produced. Welfare, Social Security, veterans’ benefiEbook Survey of economics (6th edition): Part 2
ts, and unemployment benefits are transfer payments. These transactions are considered nonproductive because they do not represent production of any nTHE___________AAACROECONOMYAND FISCAL POLICYThe first three chapters in this part explain key measures of how well the macroeconomy is performing. The Ebook Survey of economics (6th edition): Part 2nd not actual new production.GDP Counts Only Final GoodsThe popular press usually defines GDP as simply “the value of all goods and services produced.” This is technically incorrect because GDP counts only final goods, which arc fin ished goods and services produced for the ultimate user. Including Ebook Survey of economics (6th edition): Part 2all goods and services produced would inflate GDP by double counting (counting many Items more than once). In order to count only final goods and avoiEbook Survey of economics (6th edition): Part 2
d overstating GDP, national income accountants must take care not to include intermediate goods, intermediate goods are goods and services used as inpTHE___________AAACROECONOMYAND FISCAL POLICYThe first three chapters in this part explain key measures of how well the macroeconomy is performing. The Ebook Survey of economics (6th edition): Part 2e distributor sells glass to an automaker. Illis transaction is not included in GDP. The glass is an intermediate good used in the production of cars. When a customer buys a new car from rhe car dealer, rhe value of rhe glass IS included in the car's selling price, which is the value of a final good Ebook Survey of economics (6th edition): Part 2 counted in GDP. Let's consider another example. A wholesale distributor sells glass to a hardware store. GDP docs not include this transaction becausEbook Survey of economics (6th edition): Part 2
e the hardware store is not the final user. When a customerGross domestic product (GDP) zThe market value of all final goods and services produced in THE___________AAACROECONOMYAND FISCAL POLICYThe first three chapters in this part explain key measures of how well the macroeconomy is performing. The Ebook Survey of economics (6th edition): Part 2ly produced.( Final goods ;Fin-shed gone?. and services produced for the ultimate user.r Intermediate goods i Goods and services used as inputs foi the production of final goods. Ebook Survey of economics (6th edition): Part 2THE___________AAACROECONOMYAND FISCAL POLICYThe first three chapters in this part explain key measures of how well the macroeconomy is performing. TheGọi ngay
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