ECON 2002.01 Lecture Notes - Lecture 8: National Bureau Of Economic Research, Jobless Recovery, Bureau Of Economic Analysis

• School: Ohio State University
• Department: Economics
• Course: ECON 2002.01
• Professor: Guanyi Yang

Document Summary

Measure of national welfare / standard of living. Measures how much money is in circulation. Dollar value of all final goods and services produced in an economy in a given period of time: final goods and services examples. Inputs: cloth , threads $. 20, buttons $. 25. A(cid:373)eri(cid:272)a(cid:374) apparel goes to ma(cid:272)(cid:455)"s to sell shirts. , . 20, . 25, intermediate goods and services. Me(cid:454)i(cid:272)o gnp > gdp (cid:271)e(cid:272)ause there"s a lot of people (cid:449)orki(cid:374)g i(cid:374) the us: given period of time. Seasonally adjusted: smooths out seasonal fluctuations from quarter to quarter. Gdp (y) = c + i + g + nx. Using charts in class from bureau of economic analysis: Consumption in 2015: (using chart 1. 1. 5) 12. 3 trillion / 18. 1 trillion 68% Consumption in 2016: (using chart 1. 1. 5) 12. 7 trillion / 18. 6 trillion 68% . U. s market economy production is driven by consumption. Consumption includes: goods (1/3, services (2/3) Durable last longer than 3 years.