UWMadison ECON 102  Components and Measurement of Aggregate Output (6 pages)
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Econ102Lecture29.8.14 Components and Measurement of Aggregate Output
 Lecture number:
 1
 Pages:
 6
 Type:
 Lecture Note
 School:
 University of Wisconsin, Madison
 Course:
 Econ 102  Principles of Macroeconomics
 Edition:
 1
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Econ 102 1st Edition Lecture 1 Outline of Last Lecture I Class Syllabus Details II Review of Microeconomics Outline of Current Lecture Chapter 5 I Components and Measurement of Aggregate Output II Macroeconomic Data Aggregates III Macroeconomic Data The Circular Flow Current Lecture I Components and Measurement of Aggregate Output a Aggregated the Whole economy all added up i Decline in manufacturing employee increase in service employment ii Society is much more efficient iii Doesn t say more than micro just different iv Macroeconomics THE BIG PICTURE more controversial 1 political reasons for controversy a not everyone cares about the big picture i EX why would a steel manufacturer care about a field other than their own such as a farmer 2 data reasons for controversy a how do we value or add so many different items services These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute i No longer like microeconomics where there is only apples or oranges as the supply product ii Workers Ph D s no high school diploma b Now we will be adding items up by Value i how much welfare we get from it how much we re willing to pay ii people disagree II Macroeconomic Data Aggregates a GDP Gross Domestic Product i is the total output in the economy ii On average the stuff person 1 how much stuff is there to distribute b Nominal vs Real Variables i Nominal contemporary real time value in dollars or euro etc 1 nominal value of output in one year vs another ii Real Nominal data stripped of the influence of contemporary changes in prices 1 comparing 1980 to 2014 need to strip the price change over time iii Unemployment all of those who do not have a job regardless of their qualifications III Macroeconomic Data The Circular Flow a Aggregate Production Aggregate earnings Aggregate spending b Supply Demand at an aggregate level c 5 1 i Gwen Eudey s Figure from Lecture Notes Chapter 5 ii Green
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