ECONOMIC PERFORMANCE CHAPTER 13.

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Presentation transcript:

ECONOMIC PERFORMANCE CHAPTER 13

Objective Understand how Gross Domestic Product (GDP) and Gross National Product (GNP) are two important measures of economic performance

Warm up Question: May 9th, 2017 When you work all day at school, how can you tell if you have accomplished much? How can you measure what you have accomplished?

Introduction GDP What is GDP? Healthy economy Economists keep track

What is GDP? Production in USA Dollar value= Quantity of final goods, services, and structures x average prices charged Not part of GDP: 1. Intermediate products 2. Secondhand sales 3. Nonmarket transactions 4. Illegal activities Not kinds production grew, not show how people’s live affected, best measurement for economy

What is GNP? Measures income Add payments received from foreign-based companies and investments- payments made to foreign-owned resources inside U.S Measure of income in governmental statistical records NIPA Measures of income: A.NNP B. NI C. PI D. DI

Economic Sectors and Circular Flows Economy divided into sectors: each sector uses income to purchase part of total outcome (circular flow of economic activity) A. Consumer sector B. Investment sector C. Government sector D. Foreign sector

Output-Expenditure Model GDP= Consumer, Investment, Government, Foreign Consumer sector: Rent, food, all we buy Business (investment) sector: Equipment, capital goods Government: Public works, defense, interest on national debt Foreign: Value between exports and imports (net exports of goods and services)

What have you learned today about GDP and GNP? Closure Question What have you learned today about GDP and GNP? Classwork: Answer questions 1-6 on page 348

Robert Reich Talks at Google What are the three main ideas of his talk? 2. What did you find interesting about his talk? 3. What three questions would you have for Robert Reich after his talk?