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

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

《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》由会员分享，可在线阅读，更多相关《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（68页珍藏版）》请在冰豆网上搜索。

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