Chapter 4. Spending, Income, and GDP. Macroeconomics: Data and Issues. Learning Objectives. Explain how economist define and measure an economy's output Use the expenditure method for measuring GDP to analyze economic activity Define and compute nominal GDP and real GDP
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Spending, Income, and GDP
Y = C + I + G + NX
Market Value of Final Goods and Services
Comparisons of economic activity at different times
should always be done using real GDP.
(20 pizzas) ($10) + (30 calzones) (5) = $350
Gross Domestic Product
Real and Nominal Values
GDP and Well-Being