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.

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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?