Microeconomics
Microeconomics(微观经济学 ) is the
study of how individual households and
firms make decisions and how they
interact with one another in markets.
Macroeconomics(宏观经济学 ) is the
study of the economy as a whole.
Macroeconomics
Gross domestic product (GDP) is the total
market value of all final goods and
services produced within a country
during a specific period.
Gross Domestic Product
GDP(国内生产总值 )是在某一既定时期一个国家内生产出的所有最终物品和劳务的市场价值,
The Measurement of GDP
GDP is the market value of all
final goods and services produced
within a country in a given period
of time.
1.,…goods and services…”
GDP includes both tangible goods (food,
clothing,cars) and intangible services
(haircuts,housecleaning,doctor visits).
2.“GDP is the market value…”
QUICK QUIZ:
Which contributes more to GDP---the
production of an economy car or the
production of a luxury car? Why?
3…,produced…
GDP includes goods and services currently
produced,It does not include transactions
involving items produced in the past.
⑴ GDP excludes second-hand sales(二手交易 ).
⑵ GDP excludes financial transactions(财务往来 ).
⑵ GDP excludes(不包括 ) financial
transactions(财务往来 ).
Public transfer payments(公共转移支付 )
Private transfer payments (私人转移支付 )
the buying and selling of shares or
securities(买卖股票和有价证券 )
4,…of all…”
GDP includes all items produced in the
economy and sold legally in markets.
5.,…final…”
⑴ GDP includes only the value of final
goods and services(最终产品 ),The
reason is that the value of intermediate
goods and services (中间产品 ) is
already included in the prices of the
final goods and services.
⑵ QUICK QUIZ:
今年生产出一斤面包,价值 5元,
若卖出,今年 GDP增加多少?
没卖出,且面包坏掉了,今年 GDP增加多少?
若没卖出,且面包没坏,今年 GDP增加多少?
今年没卖出没坏,第二年以 5元卖出了,
第二年 GDP增加多少?
Gross Domestic Product (GDP)国内生产总值,国土原则
Gross National Product (GNP)国民生产总值,国籍原则
6.,…within a country…”
1.例如，中国诺基亚公司归芬兰人所有，所以该公司在中国经营得到的利润，是国 GDP一部分，不被统计为中国,而应归 入 GNP。
2.类似道理，中国海尔在美国工厂的利润，
应作为 国 GDP一部分，但应被统计为国的 GNP。
3.随着国际经济联系加强，强调身份区别的
GNP相对重要性下降，重视地域范围的
GDP相对重要性上升，从而使 GDP成为越来越重要的总产出指标。
7…during a specific period…
Usually that interval is a year or a
quarter (three months).
GDP measures the economy’s
flow(流量 ) of income(收入 ) and
expenditure(支出 ) during that
interval.
8…market value…
It excludes items produced and sold
lawlessly,such as illegal drugs.
即,非法生产和销售的东西不记入
GDP,如违法的毒品交易不记入,
GDP excludes most items that are
produced and consumed at home and
that never enter the marketplace.
即,GDP不包括家庭内的生产和消费,
因为这没有交易,
Case study(个案研究 ):
8…market value…
Gross domestic product (GDP) is the
total market value of all final goods
and services produced within a country
during a specific period.
Gross Domestic Product
GDP(国内生产总值 )是在某一既定时期一个国家内生产出的所有最终物品和劳务的市场价值,
The Economy’s Income and Expenditure
For an economy as a whole,income
must equal expenditure because:
1.Every transaction has a buyer and
a seller(每一交易都有一个买者一个卖者 ).
2.Every dollar of spending by some
buyer is a dollar of income for some
seller.(买者的支出等于卖者的收入 )
GDP and Economic welfare(福利 )
GDP is the best single measure of
the economic well-being of a
society,
GDP per person tells us the income
and expenditure of the average
person in the economy.
GDP and Economic welfare
Higher GDP per person indicates a
higher standard of living.
GDP is not a perfect measure of
the happiness or quality of life,
however.
GDP and Economic welfare
Some things that contribute to well-
being are not included in GDP.
1.The value of leisure.
2.The value of a clean environment.
The value of almost all activity that
takes place outside of markets,such
as the value of the time parents spend
with their children and the value of
volunteer work(义务劳动 ).
Two sides to GDP
1.expenditure approach(支出法 )
2.income approach(收入法 )
⑴ Personal consumption expenditures
(C)消费
The spending by households on
goods and services,with the
exception of (不包括 )purchases of
new housing.
1.The expenditure approach to GDP
---The Components of GDP
⑵ Gross private investment (I)投资,
The spending on capital equipment,
inventories,and structures,
including new housing.
1.The expenditure approach to GDP
---The Componentsof GDP
Gross investment and net investment
总 投 资 和 净 投 资
Gross investment — depreciation =
net investment
Depreciation:折 旧
总投资 — 折旧 = 净投资
Net investment and economic growth
Gross investment > depreciation
Or net investment is positive
————expanding economy
当总 投 资 >折 旧时,净 投 资 是正的
————扩张 的 经济
Static economy(稳态的经济 ):
总投资 =折旧
Declining economy(衰退的经济 ):
总投资 <折旧
⑶ Government Purchases (G)政府购买,
The spending on goods and
services by local,state,and federal
governments.
Does not include transfer
payments(转移支付 ) because they
are not made in exchange for
currently produced goods or
services.
1.The expenditure approach to GDP
—The Components of GDP
⑷ Net Exports (NX)净出口,
Exports (X,出口 ) minus imports (M,进口 )
1.The expenditure approach to GDP
—The Components of GDP
Expenditure approach
summary
GDP=C+I+G+NX
2.The income approach to GDP
Compensation of employees(雇员报酬 )
Gross operating surpluses(总利润 )
Depreciation allowances(折旧提成 )
Taxes less subsidies on production
and imports(税收减去生产和进口补贴 )
Real GDP versus Money GDP
(实际 GDP和名义 GDP)
Money GDP/Nominal GDP(名义 GDP)
values the production of goods and
services at current prices(以现价 ).
Real GDP(实际 GDP) values the
production of goods and services at
constant prices(以不变价格 ).
Summary
Because every transaction has a buyer and a
seller,the total expenditure in the economy
must equal the total income in the economy.
Gross Domestic Product (GDP) measures an
economy’s total expenditure on newly
produced goods and services and the total
income earned from the production of these
goods and services.
Summary
GDP is the market value of all final goods
and services produced within a country in a
given period of time.
GDP is divided among four components of
expenditure,consumption,investment,
government purchases,and net exports.
Summary
Nominal GDP uses current prices to
value the economy’s production,Real
GDP uses constant base year prices to
value the economy’s production of
goods and services.
Summary
GDP is a good measure of economic
well-being because people prefer higher
to lower incomes.
It is not a perfect measure of well-being
because some things,such as leisure time
and a clean environment,aren’t measured
by GDP.
Graphical
Review
The Circular-Flow Diagram
Firms Households
Market for
Factors
of Production
Market for
Goods
and Services
SpendingRevenue
Wages,rent,
and profit
Income
Goods &
Services sold Goods & Services
bought
Labor,land,
and capital
Inputs for
production
GDP and Its Components (1998)
Net Exports
-2 %
Consumption
68 %
Investment
16%
Government Purchases
18%