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Essex EC248-2-SP Class 2 Revision of Important Concepts from Macroeconomics with Applications Alexander Mihailov, 25/01/06
© 2004 Pearson Addison-Wesley. All rights reserved C2-2 Macroeconomic Definitions Aggregate Output Gross Domestic Product (GDP) = Value of all final goods and services produced in domestic economy during year Aggregate Income Total income of factors of production (land, capital, labor) during year Distinction Between Nominal and Real Nominal = values measured using current prices Real = quantities, measured with constant prices Aggregate Price Level nominal GDP GDP Deflator = real GDP $10 trillion = = 1.11 $9 trillion Consumer Price Index (CPI) = price of basket of goods and services
© 2004 Pearson Addison-Wesley. All rights reserved C2-3 Levels and Growth Rates Growth Rate
© 2004 Pearson Addison-Wesley. All rights reserved C2-4 Web Applications Mishkin (2004), p. 19 –Exercise 1: collecting and graphing data from the Web DJIA: historical data Go to Plot the time series in Excel (consult Mishkin, pp ) –Exercise 2: using a forecast of the Dow to calculate percentage changes over horizons of 1, 3 and 6 months Which of the forecasts is most reliable and why?
MACROECONOMICS © 2011 Worth Publishers, all rights reserved S E V E N T H E D I T I O N PowerPoint ® Slides by Ron Cronovich N. Gregory Mankiw C H A P.
Chapter 11 Market-Clearing Models of the Business Cycle.
Calculating GDP Nominal GDP, Real GDP, and the GDP Deflator.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Chapter 3 Business Cycle Measurement.
Economic Well Being Agec 217, Summer Economic Well Being Macroeconomics The study of the economy as a whole.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Chapter 13 International Trade in Goods and Assets.
1 Measuring a Nations Income Professor Chris Adam Australian Graduate School of Management University of Sydney and University of New South Wales.
MEASURES OF ECONOMIC GROWTH Biba S. Kavass. OBJECTIVES Define economic growth. Analyze measures of economic growth. Examine GDP per capita. Analyze how.
Chapter 12 Gross Domestic Product and Growth How Can We Measure Economic Growth? Gross Domestic Product (GDP) – dollar value of all goods and services.
BEAs Industry Accounts: Improved Measures of Outputs, Inputs, and Value Added Erich H. Strassner World KLEMS Conference Harvard University.
Unit 3 Macroeconomics. Unit Vocabulary Gross Domestic Product Business Cycle Consumer Price Index Unemployment Rate Monetary Policy Fiscal Policy Interest.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Chapter 12 Keynesian Business Cycle Theory: Sticky Wages and Prices.
Copyright © 2011 Pearson Addison-Wesley. All rights reserved. Productivity, Output, and Employment Chapter 3.
Essex EC248-2-SP Lecture 1 Money, Banking and the Financial System: An Introduction Alexander Mihailov, 16/01/06.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Chapter 14 Money in the Open Economy.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Chapter 11 Market-Clearing Models of the Business Cycle.
Chapter 16 Unemployment: Search and Efficiency Wages.
GDP Gross Domestic Product James P. Norris – Economics Instructor, Osseo Area Schools, Minnesota.
Copyright © 2002 Pearson Education, Inc. Slide 1.
Chapter 8 Business Cycles. Copyright © 2005 Pearson Addison-Wesley. All rights reserved. 8-2 Figure 8.1 A business cycle.
© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 2 SLIDE Measuring Economic Activity Economic Conditions.
Slides prepared by Thomas Bishop Chapter 15 Price Levels and the Exchange Rate in the Long Run.
© 2010 Pearson Addison-Wesley. Gross Domestic Product GDP Defined GDP or gross domestic product is the market value of all final goods and services.
© 2010 Pearson Addison-Wesley. Employment and Unemployment The U.S. economy is an incredible job-creating machine. In 2008, 146 million people had jobs,
Measuring GDP and Economic Growth CHAPTER 21. After studying this chapter you will be able to Define GDP and use the circular flow model to explain why.
Chapter 5 Applying Consumer Theory. © 2004 Pearson Addison-Wesley. All rights reserved5-2 Figure 5.1 Deriving an Individuals Demand Curve.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Chapter 16 Unemployment: Search and Efficiency Wages.
Integrated industry-level and aggregate TFP-measures: Different approaches Pirkko Aulin-Ahmavaara, Perttu Pakarinen, Sami Toivola Statistics Finland October,
Is it a science?. Economics is the study of choices forced by scarcity Almost all economic choices involve opportunity costs.
Teacher instructions: 1.Print the lesson, 2.Display slides 2 through 4 with Procedure step 1 in the lesson. 3.Display slide 5 with Procedure step 3. 4.Display.
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