GDP Gross Domestic Product. 1. What is the definition of the GDP (Gross Domestic Product)? The value of a country's overall output of goods and services.

Slides:

Advertisements

Similar presentations

Gross Domestic Product and Growth

Advertisements

GDP Gross Domestic Product James P. Norris – Economics Instructor, Osseo Area Schools, Minnesota.

Measuring the Nation’s Output

National-Income Accounting

DataPost GDP Measuring the Economy Date last updated: February 19, 2015 Federal Reserve Bank of San Francisco Economic Education Group.

World GDP. Nominal Gross Domestic Product Real Gross Domestic Product, Chained 2005 Dollars.

Gross Domestic Product. Copyright© 2006 Southwestern/Thomson Learning All rights reserved. ●Gross = Total Domestic = in the country Products = goods and.

Intermediate Macroeconomics

Measuring Domestic Output and National Income

National Income Accounting

Chapter 6 Measuring Total Output and Income Hossain: MSMC.

1 National Income and Product Accounting Gross vs. Net Domestic vs. National Product vs. Income.

Measuring the Aggregate Economy The government is very keen on amassing statistics... They collect them, add them, raise them to the n th power, take the.

EC 204 Slides to Accompany Chapters 1 and 2

Chap 10, Mankiw – Measurement of national income

Ch 6: Macroeconomic Measurements, Part II GDP and Real GDP

Slide 8-1 The Simple Circular Flow. Slide 8-2 The Simple Circular Flow.

 Business Cycle National Debt Unit 7 Decision, Decisions.

Learning Objectives Know what GDP measures – and what it doesn’t Know the difference between real and nominal GDP Know why aggregate.

GDP Gross Domestic Product. GDP National income accounting- system that collects data on production, income, investment, and savings. National Income.

GDP Currency value of all final goods and services produced within a country’s borders.

Price Stability Economic Growth Full Employment. Economic Indicators.

Chapter 12 Section 1.  National Income Accounting ◦ Look at production, income, investment, and savings ◦ Department of Commerce.

24 Measuring Domestic Output and National Income McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Measuring National Output Chapter 5. Economic goals  Economic growth  Full employment  Low inflation  An economy grows because of increases in available.

Economic Ups & Downs Activity Test Review. What is real gross domestic product? O Total market value of all final goods and services produced within the.

GDP Chapter 7. Gross Domestic Product GDP is the total market value of a country’s output. It is the market value of all final goods and services produced.

Chapter 6 Measuring Total Output and Income Hossain: MSMC.

Interpreting Real Gross Domestic Product

 A piece of economic data (statistic)  indicates the direction of an economy.

Gross Domestic Product & Growth Macroeconomics – Part 1.

Gross Domestic Product Measuring national productivity.

Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

Economic Indicators Leading Indicators An economic indicator that changes before the economy has changed. Examples of leading indicators include production.

Gross Domestic Product (GDP) and Growth Chapter 12.

Economic Performance How do economists calculate GDP?How do economists calculate GDP? What are the limitations of GDP?What are the limitations of GDP?

Jeffrey Timmermans Global Economic Journalism Week 2: Economies & Indicators - I.

PowerPoint Presentation by Charlie Cook Copyright © 2004 South-Western. All rights reserved. Chapter 21 The Macroeconomic Environment.

Contraction TroughExpansion Peak The business cycle is a period of macroeconomic expansion followed by a period of contraction. During the expansion phase,

GDP GROSS DOMESTIC PRODUCT. MEASURE OF ECONOMIC OUTPUT Macro keeps track of production, consumption, saving, investment, & income GDP is used to track.

1 Unit 3 Measurement and Fiscal Policy. 2 Table of Contents.

Measuring the Economy. Vocabulary Gross Domestic Product (GDP) GDP per Capita Base Year Business Cycle Prosperity Recession Depression Recovery Inflation.

Measuring Economies GNP, GDP And “per capita”. Measuring the Size of the Economy GNP & GDP measure the size of the Economy. GNP or “Gross National Product”

Change in Quantity demanded –Movement along the curve –Result of a change in the price –Other factors remain constant Change in Demand –A shift in the.

Economic growth Macroeconomics 1. Fundamental macroeconomic indicators Economic growth Unemployment Inflation 2.

Introduction: Thinking Like an Economist 1 CHAPTER 2 Measuring the Aggregate Economy The government is very keen on amazing statistics…They collect them,

DataPost GDP Measuring the Economy Federal Reserve Bank of San Francisco Economic Education Group Date last updated: September 8, 2014.

Chapter 22 Measuring a Nation’s Income

Gross Domestic Product & Growth

Lesson 1: Gross Domestic Product

The Circular Flow and Gross Domestic Product and Interpreting Real Gross Domestic Product Lesson 23 Sections 10, 11.

GDP Measuring the Economy

GDP Measuring the Economy

Measuring the Nation’s Output and Income

ECN 200: Introduction to Economics Macroeconomic Aggregates

GDP Measuring the Economy

National Income Accounting

Economic Performance and Challenges

Macroeconomics ECN 3102 CHAPTER 2.

GDP Gross Domestic Product

Gross Domestic Product & Growth

Gross Domestic Product

National Income Accounts

GDP Measuring the Economy

Output and National Income

GDP Measuring the Economy

Presentation transcript:

GDP Gross Domestic Product

1. What is the definition of the GDP (Gross Domestic Product)? The value of a country's overall output of goods and services (typically during one fiscal year) at market prices, excluding net income from abroad.valuecountry'soutputgoods and servicesfiscal yearmarket pricesnet incomeabroad

Real vs. Nominal GDP 2. What is "Real GDP", and "Nominal GDP"? Which gives you a better way to compare years? “Real GDP” adjusts the total for changes in prices. “Nominal GDP” is in the year’s current prices. Real allows you to compare year to year, so it is “better”.

Per Capita GDP GDP Per Person- Approximately the same as per person income. GDP divided by the population? Currently (2012) at $46,843

What is the BEA? The Bureau of Economic Analysis (part of the Department of Commerce) is the agency charged with reporting the GDP from statistics provided by the National Bureau of Economic Research, the NBER. They are found at and

What is the current GDP in 2011 Dollars? $ Trillion Dollars in 2011 Dollars (Nominal GDP) $ Trillion in chained 2005 dollars (Real GDP)

Recession? Two consecutive quarters of shrinking real GDP is one definition of a recession.

What is "the Expenditure Approach"? 8. What is "the Income Approach"?

"C + I + G+ (x-im) = GDP. This means that you can find the GDP by adding up what consumers buy, what business buys (investment) and what government buys and then adjust for imports (minus) and exports (plus)

Your parents learned "GNP" instead of "GDP". What's the difference in definition? GDP measures what U.S. companies produce anywhere in the world. GDP measures what is produced inside the borders of the U.S.