econ104ch07LectureNotes - prelecture (1)

econ104ch07LectureNotes - prelecture (1) - CHAPTER 7...

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CHAPTER 7 Measuring Domestic Output and National Income Pre-Lecture I. Assessing the Economy’s Performance a. The Bureau of Economic Analysis ( ), the U.S. Department of Commerce, compiles the National Income and Product Accounts (NIPA) for the U.S. economy. b. The NIPA measures “the production of goods and services (economy’s performance or output)” or “standard of living (the quality of life).” c. The economy’s health can be diagnosed by the NIPA and improved by the according economic policies. II. Gross Domestic Product (GDP ) a. Definition – the total market value of all final goods and services produced in a given year within the boundaries of a nation, whether by this nation’s or foreign-supplied resources. b. Two approaches to measure GDP: i. The Expenditures approach (the final-product approach; output approach; spending approach) 1. GDP = C + Ig + G + Xn
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