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CH8_ECON2301 - Macroeconomics ECON 2301 Spring 2009 Marilyn...

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Unformatted text preview: Macroeconomics ECON 2301 Spring 2009 Marilyn Spencer, Ph.D. Professor of Economics Chapter 8 Assignment Deadline Today, Assignment Deadline Today, before Class!!! before Class!!! ✔ Tuesday, March 3 everyone will be turning in an assignment, BEFORE CLASS STARTS : ➜ Junior Achievement : Teacher Confirmation Form (pink ½ sheets), signed by the teacher ➜ Economics in the News : First Research Paper, emailed to [email protected] Extra Credit Opportunity #6 Extra Credit Opportunity #6 ✔ Read a thorough news article that explains the provisions of the mortgage bailout plan for home owners. ✔ Summarize the most important parts, in 50-100 words (needn’t be in complete sentences). ✔ Email this summary to me by Thurs., Mar. 5, at [email protected] , for up to 4 points of extra credit. Chapter 8: Measuring the Economy’s Performance Learning Objectives escribe the circular flow of income and output efine gross domestic product (GDP) nderstand the limitations of using GDP as a measure of national welfare xplain the expenditure approach to tabulating GDP The Simple Circular Flow ✔ Two observations 1. In every economic exchange, the seller receives exactly the same amount that the buyer spends. 2. Goods and services flow in one direction and money payments flow in the other. 8-7 The Simple Circular Flow (cont'd) ✔ Final Goods and Services ➜ Goods and services that are at their final stage of production and will not be transformed into yet other goods or services 8-8 Figure 8-1 The Circular Flow of Income and Product 8-9 The Simple Circular Flow (cont'd) ✔ Product Markets ➜ Transactions in which households buy goods 8-10 The Simple Circular Flow (cont'd) ✔ Factor Markets ➜ Transactions in which businesses buy resources 8-11 The Simple Circular Flow (cont'd) ✔ Total Income ➜ Wages, rent, interest, profits 8-12 The Simple Circular Flow (cont'd) 8-13 National Income Accounting ✔ National Income Accounting ➜ A measurement system used to estimate national income and its components ✔ Total Income ➜ The yearly amount earned by the nation’s resources (factors of production) 8-14 National Income Accounting (cont'd) ✔ Gross Domestic Product (GDP) ➜ The total market value of all final goods and services produced by factors of production located within a nation’s borders ➜ GDP measures the dollar value of final output....
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CH8_ECON2301 - Macroeconomics ECON 2301 Spring 2009 Marilyn...

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