CHAPTER TWO The Data of Macroeconomics macroeconomics N.Gregory Mankiw College of Management,HUST
macroeconomics N. Gregory Mankiw CHAPTER TWO The Data of Macroeconomics macro College of Management, HUST
Learning objectives In this chapter,you will learn about: Gross Domestic Product (GDP) the Consumer Price Index (CPD -the Unemployment Rate CHAPTER 2 The Data of Macroeconomics slide 1
CHAPTER 2 The Data of Macroeconomics slide 1 Learning objectives In this chapter, you will learn about: ▪ Gross Domestic Product (GDP) ▪ the Consumer Price Index (CPI) ▪ the Unemployment Rate
Content 1.Gross Domestic Product (GDP) 1.1 Two definitions of GDP 1.2 Expenditure Components of GDP 1.3 Income Components of GDP 2.GNP and Other Data 3.Consumer Price Index (CPD 4.Unemployment Rate 5.Stock and Flow 6.Chapter Summary CHAPTER 2 The Data of Macroeconomics slide 2
CHAPTER 2 The Data of Macroeconomics slide 2 Content 1. Gross Domestic Product (GDP) 1.1 Two definitions of GDP 1.2 Expenditure Components of GDP 1.3 Income Components of GDP 2. GNP and Other Data 3. Consumer Price Index (CPI) 4. Unemployment Rate 5. Stock and Flow 6. Chapter Summary
1.1 Gross Domestic Product Two definitions: 1.Total expenditure on domestically-produced final goods and services 2.Total income earned by domestically-located factors of production In a period Calculated with marketing price CHAPTER 2 The Data of Macroeconomics slide 3
CHAPTER 2 The Data of Macroeconomics slide 3 Gross Domestic Product Two definitions: 1. Total expenditure on domestically-produced final goods and services 2. Total income earned by domestically-located factors of production ▪ In a period ▪ Calculated with marketing price 1.1
1.1 Why expenditure income In every transaction, the buyer's expenditure becomes the seller's income. Thus,the sum of all expenditure equals the sum of all income. CHAPTER 2 The Data of Macroeconomics slide 4
CHAPTER 2 The Data of Macroeconomics slide 4 Why expenditure = income In every transaction, the buyer’s expenditure becomes the seller’s income. Thus, the sum of all expenditure equals the sum of all income. 1.1