Ch08newFA07post

Ch08newFA07post - Chapter 8 Macroeconomics: Economic Growth...

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Macroeconomics: Economic Growth Chapter 8
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The Economy’s Model: Circular Flow National Income Accounting Gross Domestic Product Two Main Methods of Measuring GDP Other Components of National Income Accounting Chapter Outline
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Chapter Outline Economic Growth: Adjusting GDP Comparing GDP Throughout the World
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National Income Accounting National Income Accounting A measurement system used to estimate national income and its components
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The Economy’s Model: Circular Flow
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The Economy’s Model: Circular Flow Two observations In every economic exchange, the seller receives Goods and services flow in one direction and money payments flow in the other.
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Gross Domestic Product Gross Domestic Product (GDP) The total market value of all
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Gross Domestic Product Observations GDP measures the Adjustments
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Stage 1: Fertilizer and Seed Stage 2: Growing Stage 3: Milling Stage 4: Baking Stage 5: Retailing Total value added Stage of Production Dollar Value of Sales Value Added $.03 $.03 $.06 $.18 $.15 Gross Domestic Product: Value Added at Each Stage of Donut Production Total dollar value of all sales
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Gross Domestic Product Not Included in GDP
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Ch08newFA07post - Chapter 8 Macroeconomics: Economic Growth...

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