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Lecture Principles of economics (Asia Global Edition) - Chapter 15

This chapter include objectives: Explain how the Consumer Price Index is constructed and use it to calculate the inflation rate; show how the CPI is used to adjust economic data to eliminate the effects of inflation; discuss the two most important biases in the CPI; distinguish between inflation and relative price changes to find the true cost of inflation; summarize the connections among inflation, nominal interest rates, and real interest rates. | Spending, Income, and GDP Chapter 15 McGraw-Hill/Irwin Copyright © 2015 by McGraw-Hill Education (Asia). All rights reserved. Learning Objectives Explain how economists define and measure an economy's output Apply the expenditure method for measuring GDP to analyze economic activity Define and compute nominal GDP and real GDP Discuss the relationships between GDP and economic well-being Macroeconomics Data on output, employment, prices Vital signs of the economy Employment, unemployment, average work hours Stock values and trends Prices and inflation Reported often in the news Systematic measurement of economic output developed during World War II Common systems and measures used virtually worldwide Measuring Output Market Value Aggregate measure of quantities produced More expensive items receive a higher weighting Willingness to pay is an indication of benefit received from the good Orchardia's GDP is $64 Orchardia Apples Bananas Shoes Price $0.25 $0.50 $20.00 Quantity 4 6 3 GDP contribution $1.00 $3.00 $60.00 5 Some Non-Market Goods Included Government goods and services are not sold in the market These goods have value Increase overall output Quantities are known Prices cannot be established Government production is valued at cost Overstates GDP if there is waste and inefficiency Final Goods and Services Final goods and services are consumed by the ultimate user End products of production Included in GDP Intermediate goods and services are used up in the production of final goods Not included in GDP to avoid double counting A barber's assistant earns $2 per haircut for providing services such as shampooing and sweeping up Barber charges $10 per haircut Haircut's contribution to GDP is $10 Goods Can Be Final and Intermediate Milk can be sold as a final product or used as an intermediate good Liters of milk in the store Liters of milk sold to restaurants Count only the final goods A capital good is a long-lived good used in the production of other goods and . | Spending, Income, and GDP Chapter 15 McGraw-Hill/Irwin Copyright © 2015 by McGraw-Hill Education (Asia). All rights reserved. Learning Objectives Explain how economists define and measure an economy's output Apply the expenditure method for measuring GDP to analyze economic activity Define and compute nominal GDP and real GDP Discuss the relationships between GDP and economic well-being Macroeconomics Data on output, employment, prices Vital signs of the economy Employment, unemployment, average work hours Stock values and trends Prices and inflation Reported often in the news Systematic measurement of economic output developed during World War II Common systems and measures used virtually worldwide Measuring Output Market Value Aggregate measure of quantities produced More expensive items receive a higher weighting Willingness to pay is an indication of benefit received from the good Orchardia's GDP is $64 Orchardia Apples Bananas Shoes Price $0.25 $0.50 $20.00 Quantity 4 6 3 GDP .