Appendix to Chapter 1 Defining Aggregate Output, Income, the Price Level, and the Inflation Rate.

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Presentation transcript:

Appendix to Chapter 1 Defining Aggregate Output, Income, the Price Level, and the Inflation Rate

Aggregate Output and Aggregate Income Gross Domestic Product (GDP) = market value of all final goods and services produced in the domestic economy during a particular year Aggregate Income Total income of the factors of production (land, capital, labor) during a particular year Distinction Between Nominal and Real Nominal = values measured using current prices Real = quantities measured with constant prices Copyright © 2007 Pearson Addison-Wesley. All rights reserved.

Aggregate Price Level Copyright © 2007 Pearson Addison-Wesley. All rights reserved.

Growth Rates and the Inflation Rate Copyright © 2007 Pearson Addison-Wesley. All rights reserved.

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