TAILIEUCHUNG - Lecture Macroeconomics: Lecture 5 - Prof. Dr.Qaisar Abbas

Lecture 5 - National income: Where it comes from and where it goes - II. The main contents of the chapter consist of the following: Consider why an economy’s total income equals its total expenditure, learn how gross domestic product (GDP) is defined and calculated, see the breakdown of GDP into its four major components, learn the distinction between real GDP and nominal GDP, consider whether GDP is a good measure of economic well-being. | Review of the previous lecture Total output is determined by how much capital and labor the economy has the level of technology Competitive firms hire each factor until its marginal product equals its price. If the production function has constant returns to scale, then labor income plus capital income equals total income (output). 1 National Income: Where it Comes From and Where it Goes - II Instructor: Prof. Abbas Lecture 5 2 To the instructor: This is a particularly important chapter for your students to master. Many subsequent chapters in this book develop models that incorporate the material in this chapter and build on it. Your students should know at the outset that the time they invest mastering this chapter will yield returns throughout the semester by making subsequent material much easier to learn. Also: This PowerPoint presentation introduces some notation that will be used throughout the remaining chapters. In particular, the use of to denote the change in a .

• Kinh tế học
• Lecture Macroeconomics
• Principles of microeconomics
• Economic models
• Science of macroeconomics
• Tools of microeconomics
• Microeconomic transactions
• National income
• Bài giảng Kinh tế vĩ mô
• Kinh tế vĩ mô
• Data of macroeconomics
• Unemployment rate
• Inflation rate
• Natural rate of unemployment
• Consumer price index
• Agriculture sector
• Agricultural policies
• Economic fluctuations
• Macroeconomic policy
• Business cycle theory