经济系GDP思维导图（纯英版）

经济系关于GDP的思维导图、The change in real GDP is the amount that GDP would change if prices were constant (i.e., if zero inflation).

Introduction and GDP

• Cyclinical and Short-Run changes
  • GDP can measure short run reflection
    • Assume the population is fixed
  • Recession
    • A significant, widespread decline in real GDP and employment.
  • Business Fluctuations (or business cycles)
    • Short-run movements in real GDP around its long-term trend.
    • Example: Business cycle peaks/troughs
• Spliting GDP
  • 1. National spending approach – add up the components of spending
    • NX=Exprts -Imports
      • Net Exports
      • The value of exports minus the value of imports
  • 2. Factor income approach – add up the income generated by producing goods and services
    • When a consumer spends money, the money is received by workers, landlords, owners of capital, and businesses.
    • We can therefore calculate GDP by adding up all of the incomes received.
  • An important equivalence
• GDP
  • Production
    • Spending
    • Income
    • Welfare
  • How to measure
    • Nominal GDP
      • Using prices at the current year
      • Nominal GDP in 2011 = ∑ P2011 x Q2011
    • Real GDP
      • measured using constant prices from the base year (2011 in this example).
  • Nominal vs Real GDP
    • Nominal GDP
      • values output using current prices
      • not adjusted for inflation
      • Increases in production, not increases in prices, improve the standard of living.
    • Real GDP
      • values output using the prices of a base year
      • is adjusted for inflation
    • The change in real GDP is the amount that GDP would change if prices were constant (i.e., if zero inflation).
      • The change in nominal GDP reflects both prices and quantities.
  • Limitation
    • Nominal GDP
      • Can’t tell if an increase in nominal GDP was due to greater production (Q) or increased prices (P).
      • Creates problems when comparing GDP over time
  • Definition
    • Real GDP per capita
      • Growth in real GDP per capita is usually the best reflection of changing living standards.
      • a rough measure of a country's standard of living
      • Example: China's miracle
    • Gross domestic production (GDP)
      • The market value of all finished goods and services produced within a country in a year.
      • Market value
        • To determine the value of goods and services
      • Finished
        • Intermediate goods are not included
      • Goods and Services
        • Services are also the outputs of an economy
      • Produced
        • Sales of old houses, used goods and financial assets are not included
      • In a year
    • GDP per capita
      • GDP divided by population.
    • Gross national product (GNP)
      • The market value of all finished goods and services produced by a country’s permanent residents, wherever located, within a year.
• The Circular-Flow Diagram
  • Intro
    • a simple depiction of the macroeconomy
      • illustrates GDP as ‘spending’, or ‘revenue' factor payments, and income’
  • Definition
    • Households
      • own the factors of production, sell/rent them to firms for income
      • buy and consume goods & services
    • Firms
      • buy/hire factors of production, use them to produce goods and services
      • sell goods & services
  • Preliminaries
    • Factor of prodcution
      • inputs like labor, land, capital, and natural resources.
    • Factor of payments
      • payments to the factors of production (e.g., wages, rent).
• Problems with GDP
  • Illegal or underground-market transactions are omitted from GDP.
  • GDP does not count nonpriced production when valuable goods and services are produced but no monetary payment is made.
    • Causes biases over time and biases across nations
  • GDP adds up the value of finished goods and services but does not subtract the value of bads.
    • Pollution
    • Changing supplies of natural resources
    • Loss of animal or plant species
    • Crime
    • Environmental amenities (pleasantness) are difficult to value.
  • GDP does not count the health of nations.
• Micro vs Macro
  • Micro
    • The study of how individual households and firmsmake decisions, interact with one another in markets.
  • Macro
    • The study of the economy as a whole.
• GDP Deflator
  • Introduction
    • The GDP Deflator is a price index that can be used to measure inflation.
  • Definition
    • GDP Deflator is the ratio of nominal to real GDP, times 100