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Macro 3
- 2. Macroeconomics Lecture 3 Measuring a Nation’s Income
- 3. Questions?
- 5. Intellectual Financial Physical Human Culture Entrepreneur trust health trust skills knowledge personality relationships natural resources time buildings equipment things than make things money and risk savers and borrowers time is money (1+r)n insurance limited liability double entry accounting ideas inventions technology methods The incentives to innovate How people treat each other
- 7. 1978 China Changed Worldview Deng XiaopingMao Zedong 1976 Dies
- 12. How many marshmallows would you have in 24 hours if you started with one and they were doubled every 15 minutes?
- 13. 2 96 The number of marshmallows would fill 1,200 earths
- 14. GDP Gross Domestic Product The market value of all final goods and services produced in a country in a given time
- 15. GDP How much stuff a country makes
- 16. GDP per Capita GDP per Person Average GDP
- 19. MarketValue One Apple plus One Orange = Three Dollars
- 20. All Everything except... Stuff you don’t sell
- 24. Goods Services
- 25. Produced New Stuff Does not include the sale of used goods
- 26. Within a Country
- 27. In a given period of time Year Y/Y Quarter Q/Q Annualized: Q x 4
- 28. Percentage Change new number - old number old number
- 29. ThisYear - LastYear LastYear ThisYear = 75 LastYear = 60 Percentage Change?
- 30. 75 - 60 60 15 60 .25 or 25%
- 32. GDP = C = Consumption I = Investment G = Government X = Exports M = Imports
- 33. GDP = C + I + G + (X - M)
- 34. Consumption Spending by households on goods and services, except new housing
- 35. Investment Spending on capital equipment, inventories, and structures, including new housing
- 36. Government Spending on goods and services from local, state, and federal governments.
- 38. Net Exports Foreigners buying exports minus domestic residents buying foreign goods
- 39. What is GDP? C = 105 I = 40 G = 25 X = 30 M = 20
- 40. GDP = C + I + G + (X - M) = 105 + 40 + 25 +(30-20) = 105 + 40 + 25 +10 = 180
- 41. GDP per Capita GDP Number of People
- 42. GDP $75 trillion Population 7.5 billion GDP Per Capita $10,000