1Economics 102Lecture 3: Measuring IncomeLECTURE 3MEASURING INCOME1Measuring IncomeMeasuring Income❧How will the economy be doing when you graduate?❧How do we take the “blood pressure” or “pulse”of the economy?❧How does the present state of the economy compare to•the state of the economy last year?•the economies of other countries?LECTURE 3MEASURING INCOME2In this lecture, look for answers to these questions:❧What is Gross Domestic Product (GDP)? ❧How is GDP related to a nation’s total income and spending? ❧What are the components of GDP? ❧How is GDP corrected for inflation?❧Does GDP measure society’s well-being?
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