assign4 - 1 Intro Macro N Sheflin Assignment 4 NOTES A look...

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1 I n t r o M a c r o N . S h e f l i n Assignment 4 NOTES : A look at how GDP is defined and calculated; circular flow; financial flows; real and nominal gdp – deflating; international comparisons. A mention of value-added and value-added taxes. Due before class on Monday 2/8. Register your clicker on iclicker.com using your netid (ex; SMITH) (NOT your student number ex: 123006789). If not sure if you did it, do it again. If you are using iClickers in another class and have registered with student number, no problem, register it again with netid – it will keep both and use whichever is appropriate for the course. Your clicker points in Sakai WILL NOT be automatically updated – they will not change until I do a manual update every week or two. We begin the investment game for real – read the round 1 handout in resources in sakai and go. KEY POINTS Circular Flow o Equivalence of product and income side of flow – produce ‘stuff’, pay salary and other income o physical and money flows equivalent ± Measure by product or expenditure on product ± Measure by factor inputs, or income paid to factors o Leakages (saving, tax, imports) and Injections (investment, exports) Overview of national income and product accounts (NIPA) o Product and Income sides o C+I+G+NX=Y=Wages+Rent+Profits+Interest=C+S+T (roughly) Key concepts in GDP and its calculation
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assign4 - 1 Intro Macro N Sheflin Assignment 4 NOTES A look...

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