AP宏观经济学 第二单元 经济计量与经济目标 知识点总结课件 AP Macroeconomics Unit 2 Summary.ppt
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AP宏观经济学 第二单元 经济计量与经济目标 知识点总结课件 AP Macroeconomics Unit 2 Summary.ppt
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MACROECONOMICS1Macroeconomicsisthestudyofthelargeeconomyasawhole.Itisthestudyofthebigpicture.Insteadofanalyzingoneconsumer,weanalyzeeveryone.Insteadofonebusinesswestudyallbusinesses.WhatisMacroeconomics?
Whystudythewholeeconomy?
ThefieldofmacroeconomicswasbornduringtheGreatDepression.Governmentdidntunderstandhowtofixadepressedeconomywith25%unemployment.Macrowascreatedto:
1.Measurethehealthofthewholeeconomy.2.Guidegovernmentpoliciestofixproblems.2Macro-Unit2:
MacroeconomicsMeasures3ShuYuWang1.PromoteEconomicGrowth2.LimitUnemployment3.KeepPricesStable(LimitInflation)Inthisunitwewillanalyzehoweachofthesearemeasured.Forallcountriestherearethreemajoreconomicgoals:
4Goal#1PromoteEconomicGrowthHowdoesacountrymeasureeconomicgrowth?
5Howdoweknowhowwelltheeconomyisdoing?
Economistscollectstatisticsonproduction,income,investment,andsavings.Thisiscallednationalincomeaccounting.ThemostimportantmeasureofgrowthisGDP.GrossDomesticProduct(GDP)isthedollarvalueofallfinalgoodsandservicesproducedwithinacountrysbordersinoneyear.Dollarvalue-GDPismeasuredindollars.FinalGoods-GDPdoesnotincludethevalueofintermediategoods.Intermediategoodsaregoodsusedintheproductionoffinalgoodsandservices.OneYear-GDPmeasuresannualeconomicperformance.6Justlikecalculatingyourownincome,GDPmeasureshowwelltheU.S.isdoingfinancially.HowdoyouuseGDP?
1.Comparetopreviousyears(Istheregrowth?
)2.Comparepolicychanges(Didanewpolicywork?
)3.Comparetoothercountries(Arewebetteroff?
)WhatdoesGDPtellus?
*CIA2007Estimate7Howcanyoumeasuregrowthfromyeartoyear?
%ChangeinGDP=Year2-Year1Year1X100MordorsGDPin2007was$4000MordorsGDPin2008was$5000Whatisthe%ChangeinGDP?
TransylvaniasGDPin2007was$2,000TransylvaniasGDPin2008was$2,100Whatisthe%ChangeinGDP?
82.NonproductionTransactionsFinancialTransactions(nothingproduced)Ex:
Stocks,bonds,RealestateUsedGoodsEx:
Oldcars,usedclothesWhatisNOTincludedinGDP?
1.IntermediateGoodsNoMultipleCounting,OnlyFinalGoodsEX:
Priceoffinishedcar,nottheradio,tire,etc.3.Non-Market(Illegal)ActivitiesEx:
Illegaldrugs,unpaidwork9CalculatingGDPTwoWaysofcalculatingGDP:
1.ExpendituresApproach-Addupallthespendingonfinalgoodsandservicesproducedinagivenyear.2.IncomeApproach-Addupalltheincomethatresultedfromsellingallfinalgoodsandservicesproducedinagivenyear.Bothwaysgeneratethesameamountsinceeverydollarspentisadollarofincome.10FourcomponentsofGDP:
1.ConsumerSpendingEx:
$5LittleCaesarsPizza2.Investments-Whenbusinessesputmoneybackintotheirownbusiness.Ex:
Machineryortools3.GovernmentSpendingEx:
Bombsortanks,NOTsocialsecurity4.NetExports-Exports(X)Imports(M)Ex:
Valueof3FordFocusesminus2HondasGDP=C+I+G+XnExpendituresApproach11CalculatingGDP12IncludedornotIncludedinGDP?
Foreachsituation,identifyifitisincludedinGDPtheidentifythecategoryC,I,G,orXn1.$10.00formovietickets2.$5MIncreaseindefenseexpenditures3.$45forusedeconomicstextbook4.Fordmakesnew$2Mfactory5.$20KToyotamadeinMexico6.$10KProfitfromsellingstocks7.$15KcarmadeinUS,soldinCanada8.$10KTuitiontoattendcollege9.$120SocialSecuritypaymenttoBob10.Farmerpurchasesnew$100Ktractor131.$10.00formovietickets2.$5MIncreaseindefenseexpendituresX$45forusedeconomicstextbook4.Fordmakesnew$2MfactoryX$20KToyotamadeinMexicoX$10KProfitfromsellingstocks7.$15KcarmadeinUS,soldinCanada8.$10KTuitiontoattendcollegeX$120SocialSecuritypaymenttoBob10.Farmerpurchasesnew$100KtractorGDP=$7,125,01014IncludedornotIncludedinGDP?
NominalGDPvs.RealGDP15Howcanyoufigureoutwhichisthemostpopularmovieofalltime?
Whatistheproblemwiththismethod?
NominalBoxOfficeReceipts16Howcanyoufigureoutwhichisthemostpopularmovieofalltime?
RealBoxOfficeReceipts(adjustedforinflation)TheProblemwithGDPIfacountrysGDPincreasedfrom$4Billionto$5Billioninoneyear,isthecountryexperiencingeconomicgrowth?
Didthecountrydefinitelyproduce25%moreproducts?
WhatisInflation?
ArisinggenerallevelofpricesEX:
IfapplesaretheonlythingbeingproducedYear1:
10applesat$1each;GDP=$10Year2:
10applesx$1.25;GDP=$12.50GDPisrising,butcountryisworseoff!
18Realvs.NominalGDPNominalGDPisGDPmeasuredincurrentprices.Itdoesnotaccountforinflationfromyeartoyear.RealGDPisGDPexpressedinconstant,orunchanging,dollars.RealGDPadjustsforinflation.REALGDPISTHEBESTMEASUREOFECONOMICGROWTH!
19Realvs.NominalGDPExample200810carsat$15,000each=$150,00010trucksat$20,000each=$200,000NominalGDP=$350,000200910carsat$16,000each=$160,00010trucksat$21,000each=$210,000NominalGDP=$370,000TheGDPinyear2008showsthedollarvalueofallfinalgoodsproduced.ThenominalGDPinyear2009ishigherwhichsuggeststhattheeconomyisimproving.ButhowmuchistheREALGDP?
Howdoyougetit?
Use2008Prices.TheRealGDPfor2009isthesameas2008afterweadjustforinflation.200910carsat$15,000each=$150,00010trucksat$20,000each=$200,000REALGDP=$350,00020RealGDP“deflates”nominalGDPbyadjustingforinflationintermsofabaseyearprices.21DoesGDPaccuratelymeasurestandardofliving?
Standardofliving(orqualityoflife)canbemeasured,inpart,byhowwelltheeconomyisdoingButitneedstobeadjustedtoreflectthesizeofthenationspopulation.RealGDPpercapita(perperson)RealGDPpercapitaisrealGDPdividedbythetotalpopulation.Itidentifiesonaveragehowmanyproductseachpersonmakes.RealGDPpercapitaisthebestmeasureofanationsstandardofliving.22Listthetop5mostpopulatedcountries23GDPPerCapita24WhydosomecountrieshavehigherGDPsthanothers?
Productivity(TECHN)1.Technology2.EconomicSystemExample#1:
Capitalistcountrieshavehistoricallyhadmoreeconomicgrowth.Capital(likerobots)canproducemorethanpeopleCountrieswithmorecapital,canproducemoreproductsthancountrieswithoutalotofcapital.3.CapitalEx:
Capitalstockismachinery,tools,andman-maderesources.Example#1:
Indiahasoverabillionpeople(humanresources)butrelativelyfewcapitalresourcesandthereforealowerGDPthantheU.S.Example#2:
JapanhasfewnaturalresourcesbutahighGDP4.HumanCapital(Knowledge)5.NaturalResourcesEx:
SyriahasalowerGDPbecauseitismostlydesert.THEBUSINESSCYCLE26THEBUSINESSCYCLEThenationaleconomyfluctuatesresultinginperiodsofboomandbust.ARecessionis6monthperiodofdeclineinoutput,income,employment,andtrade.(Ifreallybadthendepression)InflationUnemploymentFullemployment27TheBusinessCycleWhydoestheeconomyfluctuate?
RetailerandProducerssendmisleadinginformationaboutconsumerdemand.Advancesintech,productivity,orresources.Outsideinfluences(wars,supplyshocks,panic).Macroeconomicsmeasuresthesefluctuationsandguidespoliciestokeeptheeconomystable.Thegovernmenthastheresponsibilityto:
Promotelong-termgrowth.Preventunemployment(resultingfromabust).Preventinflation(resultingformaboom).Whocares?
282930WhatisEconomicGrowth?
1.AnincreaseinrealGDPovertime2.AnincreaseinrealGDPpercapitaovertime(usuallyusedtodeterminestandardofliving)Whyiseconomicgrowththegoalofeverysociety?
ProvidesbettergoodsandservicesIncreaseswagesandstandardoflivingAllowsmoreleisuretimeEconomycanbettermeetwants31Goal#2LimitUnemployment32TheUnemploymentrateThepercentofpeopleinthelaborforcewhowantajobbutarenotworking.WhoisintheLaborForce?
Above16yearsoldAbleandwillingtoworkNotinstitutionalized(jails,hospitals)Notinmilitary,inschoolfulltime,orretiredWhyisastayathomemomnotunemployed?
WhatisUnemployment?
Unemploymentrate#unemployed#inlaborforcex100=33ThreeTypesofUnemployment343TypesofUnemployment#1.FrictionalUnemployment“Temporarilyunemployed”orbeingbetweenjobs.Individualsarequalifiedworkerswithtransferableskillsbuttheyarentworking.Examples:
Highschoolorcollegegraduateslookingforjobs.Individualsthatwerefiredandarelookingforabetterjob.YouYourereFired!
Fired!
35SeasonalUnemploymentThisisaspecifictypeoffrictionalunemploymentwhichisduetotimeofyearandthenatureofthejob.ThesejobswillcomebackExamples:
ProfessionalSantaClauseImpersonatorsConstructionworkersinMichigan363TypesofUnemployment#2.StructuralUnemploymentChangesinthestructureofthelaborforcemakesomeskillsobsolete.WorkersDONOThavetransferableskillsandthesejobswillnevercomeback.Workersmustlearnnewskillstogetajob.Thepermanentlossofthesejobsiscalled“creativedestruction.”(Why?
)Examples:
VCRrepairmenCarriagemakers373TypesofUnemploymentTechnologicalUnemploymentTypeofstructuralunemploymentwhereautomationandmachineryreplaceworkerscausingunemploymentExamples:
AutoassemblersfiredasrobotstakeoverproductionProducersofCapitalGoods(tractors)fireassemblers383TypesofUnemployment#3CyclicalUnemploymentUnemploymentthatresultsfromeconomicdownturns(recessions).Asdemandforgoodsandservicesfalls,demandforlaborfallsandworkersarefired.Examples:
Steelworkerslaidoffduringrecessions.Restaurantownersfirewaitersaftermonthsofpoorsalesduetorecession.ThisThissucks!
sucks!
393TypesofUnemploymentTwooftheofthethreetypesofunemploymentareunavoidable:
FrictionalunemploymentStructuralunemploymentTogethertheymakeupthenaturalrateofunemployment(NRU).Weareatfullemploymentifwehaveonlythenaturalrateofunemployment.ThisisthenormalamountofunemploymentthatweSHOULDhave.Thenumberofjobsseekersequalsthenumberofjobsvacancies.TheNaturalRateanFullEmployment40InotherwordsFullemploymentmeansN
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