Macro gdp revised
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The document provides an overview of key economic concepts including microeconomics, macroeconomics, finance, GDP, and the components of GDP. It discusses calculating GDP and provides examples such as calculating GDP for the US in 2003 and Portugal in 2008. It also discusses how changes to different GDP components would affect overall GDP.
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Macro gdp revised
- 1. BellRinger on your white board 1. Who do you think the richest person on your street is? 2. How do you know? 3. Predict the country that has the world’s largest economy. We will take some notes today
- 2. Interview person next to you 1. What is that person’s name? 2. Where are they from? (birth or hometown) 3. What is a question they have about the economy, economics or this class? (3 ?s in case) 4. Where do they want to be 18 years from now?
- 3. Start with Microeconomics • Microeconomics – study of individuals and the economy • Macroeconomics – study of large organizations and countries and the economy • Finance – study of investment and credit
- 4. Comparing classes? • On your white boards, what 3 ways could I compare the economies of my 5 economics classes?
- 5. Gross Domestic Product • A measure of a country’s economy in a given time (usually a year or quarter)
- 6. 2007 Top 10 World Economies
- 11. Agree: Front of room US economy is growing Disagree: Back of room
- 13. Agree: Front of room Mexico’s economy is bigger than Canada’s Disagree: Back of room
- 15. How do we calculate GDP?
- 16. Parts of GDP • Write something new you bought last week • All consumer spending on new items within a country in a certain year, month or quarter
- 17. Parts of GDP • All investment within a country in a certain year, month or quarter • IOW: business spending $$ on capital goods • Interest rates?
- 18. Parts of GDP • All government spending in a country in a certain year, month or quarter • Examples: education, military, roads, healthcare, etc
- 20. Parts of GDP • All net exports from a country in a certain year, month or quarter • Exports = goods shipped to other countries • Imports = goods brought into a country from another country • USA? Mexico?
- 21. Agree: Front of room USA imports more than it exports Disagree: Back of room
- 23. Net Exporters • A country or territory whose value of exported goods is higher than its value of imported goods over a given period of time. • A net exporter is the opposite of a net importer.
- 24. Net Importers
- 25. GDP Calculation Y=C+I+G+E where Y = GDP C = Consumer Spending I = Investment E = Exports - Imports G = Government Spending
- 26. United States GDP 2003 Y=C+I+E+G $$ in Billions Consumer Spending = $7605 Investment = $1606 Exports = $1021 Imports = $1508 Government Spending = $2017 $7605 + 1606 + (1021-1508) + 2017 = $10,741 (2003)
- 27. GDP • What economic activity did I leave out? • 2 ways GDP might be misleading?
- 28. GDP = C + I + G + (Ex – Im) Assuming everything else stays equal, what happens if… US consumers spend 5% more in 2013, than 2012 for the Winter Holidays.
- 29. GDP = C + I + G + (Ex – Im) Assuming everything else stays equal, what happens if… US government passes $800 billion healthcare reform bill
- 30. GDP = C + I + G + (Ex – Im) Assuming everything else stays equal, what happens if… US Students learn about the benefits of saving money
- 31. GDP = C + I + G + (Ex – Im) Assuming everything else stays equal, what happens if… Bank business lending increases by 7% in 2013
- 32. GDP = C + I + G + (Ex – Im) Assuming everything else stays equal, what happens if… Mexican citizens demand 15 % fewer US made cars
- 33. GDP = C + I + G + (Ex – Im) Assuming everything else stays equal, what happens if… The internet is created
- 34. GDP = C + I + G + (Ex – Im) Assuming everything else stays equal, what happens if… Americans demand 50% more Mexican baked goods
- 35. GDP = C + I + G + (Ex – Im) Assuming everything else stays equal, what happens if… NBA plays a game in China, afterwards Chinese people demand more US made basketballs
- 36. GDP = C + I + G + (Ex – Im) Assuming everything else stays equal, what happens if… US Government cuts income tax rates by 2 %
- 37. GDP = C + I + G + (Ex – Im) Assuming everything else stays equal, what happens if… World Demand for American timber increases
- 38. GDP = C + I + G + (Ex – Im) Assuming everything else stays equal, what happens if… US military invades Iran
- 40. Calculate the GDP for Portugal in 2008. (in millions) millions Consumers spent: $90,000 Investment: $40,000 Exported $50,000 Imports $90,000 Portugal: 10 million people Currency: Euro Government: $10,000
- 41. Portugal
- 42. 1. GDP Assignment(It’s the part Which part of the GDP formula is the largest? you are the most involved in) 2. How many recessions has Argentina had since 1900? 3. When was their worst one? 4. Why are recessions good for selling inferior goods? 5. Calculate US GDP 2010 Consumers: $12 trillion Investment: $1.5 trillion Government: $2 trillion Exports: $1 trillion Imports: $2 trillion 6. Describe US Trade (net….?)