Hong Kong Economy Week 4 .pdf - DIGS052 Hong Kong Economy...

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DIGS052 Hong Kong Economy Week 4
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Lecture Overview Basic Macroeconomic Concepts Part 1 Gross Domestic Product (GDP) Unemployment Inflation Consumer Price Index
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Output We can measure how much a country is producing Output = the total amount of everything a country produces in a given period of time How can we measure how well an economy is doing?
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Income We can measure how much income a country is generating Everything that is produced and sold generates an equal amount of income OUTPUT = INCOME How can we measure how well an economy is doing?
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5.00 HKD (Made in Hong Kong) Output can me measured as the total income OR total value of final goods or services How much is the value of this milk? How much income does Kowloon Dairy generate? How much value is contributed to the economy by Kowloon Dairy?
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Gross Domestic Product Gross = Total Domestic = Home Country Product = Output Gross Domestic Product (GDP) is a monetary measure of the market value of all final goods and services produced during a period of time Monetary Measure measured in money terms Market value worth based on market prices Final goods/services end product/service that is bought by a user Period of time yearly or quarterly
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Gross Domestic Product Gross = Total Domestic = Home Country Product = Output Gross Domestic Product (GDP) is used to measure the economic performance of a whole country or region and to compare with other countries Economic performance useful to see how well the country or region is doing in absolute terms Comparisons with other countries allows an economy to see how well they are doing in relative terms Nominal GDP evaluated at current market prices (not adjusted for inflation)
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List of Countries by GDP (Nominal) the value of all final goods and services produced within a nation in a given year, converted at market exchange rates to current U.S. dollars
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