TAILIEUCHUNG - Lecture Principles of economics (Asia Global Edition) - Chapter 15

This chapter include objectives: Explain how the Consumer Price Index is constructed and use it to calculate the inflation rate; show how the CPI is used to adjust economic data to eliminate the effects of inflation; discuss the two most important biases in the CPI; distinguish between inflation and relative price changes to find the true cost of inflation; summarize the connections among inflation, nominal interest rates, and real interest rates. | Spending, Income, and GDP Chapter 15 McGraw-Hill/Irwin Copyright © 2015 by McGraw-Hill Education (Asia). All rights reserved. Learning Objectives Explain how economists define and measure an economy's output Apply the expenditure method for measuring GDP to analyze economic activity Define and compute nominal GDP and real GDP Discuss the relationships between GDP and economic well-being Macroeconomics Data on output, employment, prices Vital signs of the economy Employment, unemployment, average work hours Stock values and trends Prices and inflation Reported often in the news Systematic measurement of economic output developed during World War II Common systems and measures used virtually worldwide Measuring Output Market Value Aggregate measure of quantities produced More expensive items receive a higher weighting Willingness to pay is an indication of benefit received from the good Orchardia's GDP is $64 Orchardia Apples Bananas Shoes Price $ $ $ Quantity 4 6 3 GDP contribution $ $ $ 5 Some Non-Market Goods Included Government goods and services are not sold in the market These goods have value Increase overall output Quantities are known Prices cannot be established Government production is valued at cost Overstates GDP if there is waste and inefficiency Final Goods and Services Final goods and services are consumed by the ultimate user End products of production Included in GDP Intermediate goods and services are used up in the production of final goods Not included in GDP to avoid double counting A barber's assistant earns $2 per haircut for providing services such as shampooing and sweeping up Barber charges $10 per haircut Haircut's contribution to GDP is $10 Goods Can Be Final and Intermediate Milk can be sold as a final product or used as an intermediate good Liters of milk in the store Liters of milk sold to restaurants Count only the final goods A capital good is a long-lived good used in the production of other goods and .

• Kinh tế học
• Principles of economics
• Lecture Principles of economics
• Market imperfections
• The international economy
• The price level
• Calculating the CPI
• Ten principles of economics
• People face tradeoffs
• Opportunity cost
• Marginal changes
• Economics of information
• Consumer choice
• Free rider problem
• Market transactions
• Welfare Economics
• Consumer surplus
• Demand curve
• Efficiency of markets
• Nature of an externality
• Market inefficiency
• Negative externalities
• Principles of microeconomics
• Lecture Principles of microeconomics
• Scarce resources
• Scarcity implies choice
• Choice implies cost
• Principles of agricultural economics
• Agricultural economics
• Economics of agricultural production
• Theory of consumer behaviour
• Economics of market demand
• Dynamics in demand analysis
• Analysis of agricultural markets
• Agricultural markets
• Economics of trade
• Costs of taxation
• Deadweight loss
• Laffer curve
• Supply side economics
• Market forces
• Supply and demand
• Market economies
• Competitive Markets
• Thinking like an economist
• Economic models
• Circular flow diagram
• Production possibilities frontier
• The gains from trade
• Production possibilities
• Comparative advantage
• Absolute advantage
• Costs of production
• Total revenue
• Total cost
• Opportunity costs
• Price elasticity of demand
• Price elasticity
• Midpoint method
• Demand curves
• Factors of production
• Demand for labor
• Production function
• Marginal product of labor
• Controls on prices
• Price ceiling
• Price floor
• Market outcomes
• Theory of consumer choice
• Budget constraint
• Indifference curve
• Marginal rate of substitution
• Measuring nation’s income
• Economy’s income
• Gross domestic product
• Components of GDP
• International trade
• Determinants of trade
• Equilibrium without trade
• Production and growth
• Economic growth
• Monetary system
• Functions of money
• Federal reserve
• Central bank
• Open economy macroeconomics
• Economy macroeconomics
• Closed economy
• Open economy
• Public goods
• Common resource
• Types of goods
• Cost benefit analysis
• Aggregate demand
• Aggregate supply
• Short run economic fluctuations
• Economic fluctuations
• Tax system
• Federal Government
• Marginal tax rate
• Budget surplus
• Macroeconomic policy
• Debate over macroeconomic policy
• Stabilize the economy
• Monetary policy