小教板-
Reading 14. Aggregate output, prices and economic growth
14a. Calculate and explain GDP using expenditure and income approaches.
GDP is the total market value of goods and services produced in a country within a certain time period.
-most widely used measure of the size of a nation"s economy.
-includes only purchases of newly produced goods and services
-transfer payment made by government政府转移性之处 (失业率、退休、福利政策)不属于economic output,不包括在GDP的计算中
value used in计算GDP,是market values of final goods and services
-that is, goods and services not be resold or used in the production of other goods and service.
GDP仅仅包括购买最终生产的产品和服务。在之前环节生产的商品的销售和再销售不计入GDP.
政府提供的产品和服务，即使在市场上没有明码标价，计入GDP。
eg. 警察和法官提供的服务，公路和基础设施等产品得到改善，都计入GDP.
GDP包括自有住房价值，正如租房服务价值。
不计GDP，不在市场上进行买卖的劳动力价值。
不计GDP，生产过程中产生的副产品。
GDP的计算可以通过对购买最终产品和服务需要花费的支出加总来计算，也可以通过因生产这些产品和服务所获得的销售收入总和的。
the sum of all the spending on newly produced goods and services, or as the sum of the income received as producing these goods and services.
a.收入计算法expenditure approach
GDP is calculated by summing the amounts spent on goods and services produced during the period
b. income approach
GDP is calculated by summing the amounts earned by households and companies during the period, including wage income, interest income and business profits.
For the whole economy, total expenditures=total income,这样两种方法才能得出同样的结论。实际上，得出不一样的结果。
14b. Compare the sum-of-value-added and value-of-final-output methods of calculating GDP.
a. Value-of-final-output method.最终产出价值法-属于expenditure method
sum the values of all final goods and services produces
b.sum-of-value-added method增加值加总法
-sum the additions to value created at each stage of production and distribution
14c. Compare nominal and real GDP and calculate and interpret the GDP deflator.
Nominal GDP: the total value of all goods and services produced by an economy,valued at current market prices.
当前市场价格计算的所有最终生产的商品和服务的价值总额。
Real GDP真实GDP measures the output of the economy using prices from a base year, removing the effect of changes in prices
-inflation不被计入economic growth
指基期价格计算的经济产出价值，剔除了价格变动的营销，使通货膨胀没有计入经济增长中。
-relative to a base year
real GDP growth reflects only increases in total output, not simply increases in the money value of total output.
真实GDP的增长仅仅反映了总产出的增加，而不是简单的体现了总产出货币价值的增加。
GDP deflator-ia a price index-used to convert nominal GDP into real GDP
take out the effects of changes in the overall price level
-base on the current mix of goods and services, using prices at the beginning and end of the period.
=（nominal GDP in the year t/value of year t output at base year price ）*100
per-capital real GDP人均真实GDP
=real GDP/population
-用于衡量一个国家居民经济状况
14d. Compare GDP, national income, personal income and personal disposable income.
a.Under expenditure approach, major components of real GDP are
consumption,investment,government spending and net exports(出口减进口）
GDP=C+I+G+(X-M)
=(C+GC)+(I+GI)+(X-M)
GC=government consumption GI=government investment (capital goods, inventories)
b.Under income approach,
GDP=national income +capital consumption allowance+statistical discrepancy
=国民收入+资本消耗扣除+统计误差
capital consumption allowance(CCA) 资本小猴扣除
measures the depreciation of physical capital from the production of goods and services over a period.
-be reinvested to maintain the productivity of physical capital from one period to the next
statistical discrepancy
-adjustment for the difference between GDP measured under两种不同的方法，they use different data.
National income-sum of income received by all factors of production that go into the creation of final output.
=compensation of employees(wages and benefits)
劳动补偿
+corporate and government enterprise profits before taxes
公司和国有企业税前利润
+interest income
利息收入
+unincorporated business net income(business owners" incomes)
独资公司净收入
+rent
租金
+indirect business taxes
间接商业税
-subsidies(taxes and subsidies that are included in final prices)
-补贴
Personal income居民收入
-measure of pretax income received by households
-determinant of consumer purchasing power and consumption
-不同于national income
包括households receive, government transfer payments
Household disposable income /personal disposable income
税后的
-measures households have available to either save or spend on goods and services
-important economic indicator of ability of consumers to spend and save.
居民收入=国民收入+对居民的转移支付-间接商业税收-企业收入所得税-未废品的公司红利
居民可支配收入=居民收入-居民税收
14e. Explain the fundamental relationship among saving, investment, the fiscal balance and the trade balance.
GDP=C+S+T
=consumption spending + household and business savings+net taxes
S=I+(G-T)+(X-M)
=private savings =private investment
+government borrowing-government savings -trade deficit +trade surplus
(G-T)-fiscal balance-difference between government spending and tax receipts
财政收支余额，政府支出和税收的差额
(X-M)-trade balance-net exports
净出口，贸易收支余额
(G-T)=(S-I)-(X-M)
这个等式体现私人储蓄=私人投资+政府借款或者扣除政府储蓄，并且-贸易赤字+贸易顺差
government deficit(G-T大于0) must financed by some combination of a trade deficit(X-M小于0）or an excess of private saving over private investment(S-I大于0）
14f. Explain the IS and LM curves and how they combine to generate the aggregate demand curve.
each components of GDP:
a. consumption is a function of disposable income.
个人收入的增长或税收降低都会增加消费或储蓄的水平。额外的可支配收入的增加会被消费或储蓄起来。
额外增加的收入中，用来消费的部分被称为边际消费倾向，用来储蓄的部分，叫边际储存倾向。
MPC-marginal propensity to consume边际消费倾向
MPS-marginal propensity to save边际储蓄倾向
MPC+MPS=100%
b. Investment is a function of expected profitability and cost of financing.
投资是期望收益率和融资成本
Expected profitability depends on the overall economic output.
Financing costs are reflected in real interest rates--nominal interest rates减去expected inflation rate
c. Government purchases
政府购买在一定程度上可以看做是独立于经济活动的，但是政府的税收收入和财政收支余额时经济产出。
d.Net exports are function of domestic disposable income, foreign disposable incomes and prices of goods in foreign and domestic markets.
1.IS curve(income-savings)-揭示了negative relationship between real interest rates and real income for equilibrium in the goods market.
实际利率和实际收入负相关。IS曲线上的点，为在均衡的商品市场中，实际利率和收入的组合。
2.LM curve(liquidity-money)--揭示了positive relationship between real interest rates and income consistent with equilibrium in the money market.
正相关。
货币市场的均衡需要通过在提供实际利率的同时提高收入来实现。
有收入增加导致的货币需求量高，将抵消由实际利率的上升导致的对货币需求量的减少，从而使市场重新恢复均衡。
The Aggregate Demand Curve
AD curve shows relationship between the quantity of real output demanded(=real income) and price level.
-slopes downward
higher price levels(holding the money supply constant) reduce real wealth,
increase real interest rates- make domestically produced goods more expensive compared abroad.
由于更高的价格会降低实际财务水平，会增加实际利率， 使国内产出的商品价格比国外更昂贵，这一切都会降低国内总产出的需求，因此总需求曲线是向下倾斜的。
14g. Explain the aggregate supply curve in the short run and long run.
aggregate supply(AS) curve
-describe the relationship between the price level and quantity of real GDP supplied.
-represents the output that firms produce at different price level
aggregate supply curves with different time frames:
a.very short run aggregate supply (VSRAS)curve
非常短时期内的总供给曲线
firms adjust output without changing price by adjusting labor hours and intensity of use of plant and equipment in demand.
为应对需求的变化，企业可以通过调整劳动时间和厂房设备使用率等方法，来达到调整产出的同时不调整价格的目的
b.short-run aggregate supply (SRAS)curve
the curve slopes upward 因为input prices will change as production is increased or decreased.
假设在短期产出的价格水平会随着价格水平成比例地变化，但是至少部分投入要素的价格是有粘性的，-短期内不会随着价格调整变化。
当产出价格水平上升时，价格也上升，但是厂商短期不会发现投入要素价格的变化。厂商通过增加产出，应对遇见到的更高产出价格，带来的更高利润水平，结果是一条向上倾斜的短期总供给曲线。
c.long run aggregate supply (LRAS) curve
长期，所有投入要素的成本都会变化。长期总供给曲线是完全无弹性的。
在长期，工资水平和其他投入要素的价格会随着价格成比例变化，所以价格不影响总供给的大小。称为potential GDP或full-employment GDP充分就业的国民生产总值。
14h. Explain causes of movements along and shifts in aggregate demand and supply curves.
aggregate demand(AD) curve 总需求曲线的移动
-reflects the total level of expenditures in economy by consumers,businesses, government and foreigners.总支出水平
a change in the price level is represented as a movement along the AD curve, not a shift in the AD curve.
For changes in each factors that increase aggregate demand (shift AD to the right), identify the component of expenditures is increased.
很多因素的变动会影响总支出水平并引起总需求曲线的位移。
价格水平的变动在总需求曲线上表示为点的移动而不是曲线的平移。
以下因素的变动，导致总支出的增加增加！：
1.Increase in consumers" wealth
随着居民财富增加，收入用于储蓄的部分会降低，用于支出的部分会增加，因此总需求会增加。
2.Business expectations
当厂商对未来销售情况更乐观时，他们会增加厂房、设备、存货上的投资
3.Consumer expectations of future income
当消费者由于相信未来工作的稳定性增加或薪酬增加而预期未来会有更高收入，
会增加现时的消费，减少未来的储蓄
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