BellRinger 3/23/2009 1.What do you think is the richest country in the world today? 2.How do you think economists should measure a country’s wealth? We.

Slides:



Advertisements
Similar presentations
Share of population - GDP per capita (PPP), 2004 EU-15 and other West European countries Hungary Czech Republic Malta Slovenia Cyprus Portugal Greece Spain.
Advertisements

United Kingdom New Zealand United Kingdom New Zealand Iceland.
1 Relative GDP per capita 2000 PPPs, OECD = countries. Estimates for Source: OECD National Accounts.
© The Treasury Setting the Scene: A fiscal and public sector management perspective on the justice sector in New Zealand.
“American high-school education is ‘obsolete’… In 2001, India graduated almost a million more students from college than the United States did. China graduates.
The European Union (EU)
ECO 358 International Economics Professor Malamud BEH – 3294 Fax: 895 – Website:
Population Growth World Population, f
Introduction to International Trade
CHAPTER 2.4 Gross Domestic Product. Most economists view the country like one big business They measure the success of this business through gross domestic.
© The Treasury 2009 Job Summit John Whitehead, Secretary to the Treasury.
STATE OF PLAY - FORECASTS FOR EUROPEAN CONSTRUCTION
Poverty & Human Capability 101 Introductory Class.
Page 1 Recording of this session via any media type is strictly prohibited. ACA Impact on Workers’ Compensation.
Endogenous Growth Theory Chapter ©1999 South-Western College Publishing Figure 14.2 GDP per Person Relative to U.S. GDP per Person for Five Countries.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved. Chapter 1 An Introduction to International Trade.
1 ECONOMICS 3150M Winter 2014 Professor Lazar Office: N205J, Schulich
Fred Gault UNU-MERIT / TUT-IERI The Ninth Annual Re$earch Money Conference, Ottawa, March 25, 2010.
GROWTH DRIVERS AND INVESTMENT OPPORTUNITIES IN EUROPEAN CONSTRUCTION TO 2016 Michael Weingärtler Metal Expert Europe Steel.
Ms. Park.  Linda, Tommy  What do you think is the difference between GDP and GDP per capita?
New Skills for New Jobs: Action Now Professor Mike Campbell OBE Director of Research and Policy ETUC Conference International Trade Union House, Brussels.
Treasurer’s National Press Club Address 11 May 2005.
Solar Physics Board Meeting Rio de Janeiro July, 2009.
European Union.
OECD Organisation for Economic Co-operation and Development Organisation and Content Overview.
© 2006 Michigan State University, Center for Research in Mathematics and Science Education Content Standards in an International Context William H. Schmidt.
Understanding the Korean Miracle E. Young Song Sogang University Summer, 2011.
The Lorenz Curve Warm Up: What are three jobs that get high paying salaries? What are three jobs that get low paying salaries/wages?
1 ECONOMICS 3150B Fall 2015 Professor Lazar Office: N205J, Schulich
The future of Public Services. Taxation and Public Expenditure as % of GDP Source: Office for Budget Responsibility, Economic and fiscal outlook Charts.
Standard SS6G5b: Describe the purpose of the European Union and the relationship between member nations.
GNP and per capita GNP Top of the world!?. CountryGNP World rank Total GNP United States billion Japan billion Germany billion China42.
Capitalist. Main Points In a capitalist or free-market country, people can own their own businesses and property. People can also buy services for private.
Introduction Objective  Generally speaking, economists believe that recessions (a decrease in production or GDP) begin with a slump in investment spending.
GDP. 1.What do you think is the richest country in the world today? 2.How do you think economists should measure a country’s wealth? We will take some.
3 rd Kaliningrad Trade Union Partners Conference.
Gross Domestic Product. What is Gross Domestic Product? The total market value of all final goods and services produced during a given period of time.
International Comparison of Health Care Gene Chang.
Standard SS6G5b: Describe the purpose of the European Union and the relationship between member nations.
Standard of Living vs. Quality of Life Disparity between the Nations of the World.
My Future My Choice My Life LHS School Improvement Team.
Ch. 12 Section 1 Gross Domestic Product. Guiding Questions  Why does it matter how the economy is doing to the individual?  How do we determine if the.
Impact of the Crisis on Children in Europe Yekaterina Chzhen ChildONEurope Seminar Paris - November 26, 2015.
The United States The Economy. What is GDP ? Gross Domestic Product (GDP): The total market (or dollar) value of all final goods and services produced.
Inflation Report May Demand Chart 2.1 World trade (a) Sources: CPB Netherlands Bureau for Economic Policy Analysis and OECD. (a) Volume measure.
GDP that is measured at current prices is called GDP that has been adjusted for any price changes over time is called Let’s see how it works through one.
Purpose of the European Union For its members to work together for advantages that would be out of their reach if each were working alone Believe that.
Economic Growth Growth in National Income. Economic growth – growth in national income Economic growth means an increase in national income – the economy.
C E N T R A L B A N K O F C H I L E DECEMBER 2010 Progress status of the Quarterly Institutional Accounts project OECD Working Party on Financial Statistics.
Another BRIC on the Web: The Brazilian Presence in International Agency Statistical Sites Harold Colson International Relations Librarian University of.
Immigration by Bill Bosshardt Election Economics.
Best Sustainable Development Practices for Food Security UV-B radiation: A Specific Regulator of Plant Growth and Food Quality in a Changing Climate The.
National Income The value of the output of goods and services produced in an economy over a period of time Increases in National Income mean that the economy.
6. Ráðstefnan um rannsóknir á íslensku þjóðfélagi Háskólanum á Akureyri, 20. – 21. apríl 2012 The Nordic Countries in an International Comparison Helga.
Tax Policy Challenges in a Changing World. Unintended Consequences of Tax Rob Marston, “Window Tax”, 1 September 2010 uploaded via Flickr, creative commons.
THINKING GLOBALLY The world is changing… are you preparing for it?

Gross Domestic Product
The European Union (EU)
Sustainable use of Natural Resources
How Canada Compares Internationally
GDP – a measure of National Income
European Union.
Health Related Issues Source: Odd Stuff Magazine.
François Lequiller OECD
GDP (Nominal, in trillions) 2017 World Bank
GNP and per capita GNP Top of the world!?.
Expenditure on R&D activities
GNP and per capita GNP Top of the world!?.
2006 Rank Adjusted for Purchasing Power
Presentation transcript:

BellRinger 3/23/ What do you think is the richest country in the world today? 2.How do you think economists should measure a country’s wealth? We will take some notes today

Microeconomics – study of individuals and the economy Macroeconomics – study of large organizations and countries and the economy Finance – study of investment and credit Finished with Microeconomics

Gross Domestic Product A measure of a country’s economy

GDP All consumer spending within a country in a certain year, month or quarter

GDP All private investment within a country in a certain year, month or quarter IOW: (saving)

GDP All net exports from a country in a certain year, month or quarter Exports = goods shipped to other countries Imports = goods brought into a country from another country

GDP All government spending in a country in a certain year, month or quarter Examples: education, military, welfare, social security, roads, healthcare, etc

GDP What economic activity did I leave out? 2 ways GDP might be misleading?

GDP per capita Population measuring: –Divide GDP by population

GDP per capita $s Luxembourg57 704EU (established 15 countries) United States39 732Germany Norway38 765Italy Ireland35 767Spain Switzerland33 678Korea United Kingdom31 436Czech Republic Canada31 395Hungary Australia31 231Slovak Republic Sweden30 361Poland Japan29 664Mexico France29 554Turkey7 687 Source: OECD World Economic Factbook, 2006 edition

GDP Calculation Y = C + I + E + G where Y = GDP C = Consumer Spending I = Investment E = Exports - Imports G = Government Spending

United States GDP 2003 Y = C + I + E + G $$ in Billions Consumer Spending = $7605 Investment = $1606 Exports = $1021 Imports = $1508 Government Spending = $2017 $ ( ) = $10,741 (2003)

Netherlands GDP 2003 Y = C + I + E + G $$ in Billions Consumer Spending = $400 Investment = $104 Exports = $339 Imports = $305 Government Spending = $131 $ ( ) = $669 (2003) Per capita: 669,000,000,000/16,000,000 = $41, million Dutch citizens 3. Calculate the GDP for the Netherlands 4.Calculate the GDP/capita 5.How can GDP be a limited measurement?