UWMadison ECON 102  Fluctuations in GDP and GDP as a measure of welfare (7 pages)
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Fluctuations in GDP and GDP as a measure of welfare (5.55.6)
 Lecture number:
 3
 Pages:
 7
 Type:
 Lecture Note
 School:
 University of Wisconsin, Madison
 Course:
 Econ 102  Principles of Macroeconomics
 Edition:
 1
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Unformatted text preview:
Econ 102 1st Edition Lecture 3 Outline of Last Lecture I Real GDP II 5 2 The Production Approach III Putting It All Together The GDP Equation Outline of Current Lecture Chapter 5 I Review from Last Lecture II Chapter 5 Definitions III What we can do with GDP Data IV 5 5 FLUCTUATIONS IN GDP V 5 6 GDP AS A MEASURE OF WELFARE Current Lecture I Review from Last Lecture a GDP is limited by the factors of production i Labor capital sum of net investments made over time technology 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 ii EX this building was built a long time ago the chairs were added more recently iii Diagram from Gwen Eudey s Chapter 5 Lecture Slides b GDP C i G NX i The opportunity cost of an increase in one Aggregate Expenditure category is a decrease in another 1 C consumption goods going up means buying more things ex TV s a thus doing less i investing 2 If NX is less than 0 falling the rest must be greater because it all adds up to GDP ii Imports are ADDED to consumption goods and are SUBTRACTED from net exports to cancel out because Imports are NOT included in G D domestic P 1 The flows have to balance Circular Flow II Chapter 5 definitions a Measuring National Income i national income The total income earned by a nation s residents both domestically and abroad in the production of goods and services ii gross national product GDP plus net income earned abroad 1 what we owe to them and what they owe to us 2 These data aren t used much in the U S iii personal income Income including transfer payments received by households 1 Transfer payments money given to you by the government a EX unemployment insurance iv Personal disposable income Personal income that households retain after paying income taxes 1 Subtract Taxes 2 Net of income and transfer payments is the amount you have the ability to spend III What we can do with GDP Data a Aggregate Expenditure
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