Economics ECON S - 1920 Lecture Notes - Lecture 1: National Income And Product Accounts, Gdp Deflator, Human Capital
Document Summary
Economics chapter 19: the wealth of nations: macroeconomics. Macroeconomics: study of economic aggregates and economy-wide phenomena. Macroeconomic analysis: explains past patterns in aggregate economic activity and tries to predict future changes: focus on overall output produced by all firms in economy, focus on overall price level in economy, production = expenditure = income. National income accounts: measure the level of aggregate economic activity in country. National income and product accounts (nipa): system of national income accounts that is used by us government. 2. 1 three ways of thinking about country"s economy. Gross domestic product (gdp): market value of final goods & services produced within borders of a country during particular period of time. Gdp = production quantities * market prices: gdp often measured in quarters: q1: january march q2: april june q3: july september q4: October december: gdp is measure of production, not of sales to consumers. Total expenditure = household expenditures + firm inventory expenditures.
