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Boundless Lecture Slides

Boundless Lecture Slides. Available on the Boundless Teaching Platform. Free to share, print, make copies and changes. Get yours at www.boundless.com. Using Boundless Presentations. Boundless Teaching Platform

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Boundless Lecture Slides

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  1. Boundless Lecture Slides Available on the Boundless Teaching Platform Free to share, print, make copies and changes. Get yours at www.boundless.com

  2. Using Boundless Presentations Boundless Teaching Platform Boundless empowers educators to engage their students with affordable, customizable textbooks and intuitive teaching tools. The free Boundless Teaching Platform gives educators the ability to customize textbooks in more than 20 subjects that align to hundreds of popular titles. Get started by using high quality Boundless books, or make switching to our platform easier by building from Boundless content pre-organized to match the assigned textbook. This platform gives educators the tools they need to assign readings and assessments, monitor student activity, and lead their classes with pre-made teaching resources. Get started now at: • The Appendix The appendix is for you to use to add depth and breadth to your lectures. You can simply drag and drop slides from the appendix into the main presentation to make for a richer lecture experience. http://boundless.com/teaching-platform • Free to edit, share, and copy Feel free to edit, share, and make as many copies of the Boundless presentations as you like. We encourage you to take these presentations and make them your own. If you have any questions or problems please email: educators@boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com

  3. About Boundless • Boundless is an innovative technology company making education more affordable and accessible for students everywhere. The company creates the world’s best open educational content in 20+ subjects that align to more than 1,000 popular college textbooks. Boundless integrates learning technology into all its premium books to help students study more efficiently at a fraction of the cost of traditional textbooks. The company also empowers educators to engage their students more effectively through customizable books and intuitive teaching tools as part of the Boundless Teaching Platform. More than 2 million learners access Boundless free and premium content each month across the company’s wide distribution platforms, including its website, iOS apps, Kindle books, and iBooks. To get started learning or teaching with Boundless, visit boundless.com. Free to share, print, make copies and changes. Get yours at www.boundless.com

  4. Measuring Output Using GDP Measuring Output and Income Other Measures of Output Comparing Real and Nominal GDP Cost of Living ] Measuring Output and Income Free to share, print, make copies and changes. Get yours at www.boundless.com

  5. Measuring Output and Income > Measuring Output Using GDP Measuring Output Using GDP • Defining GDP • Learning from GDP • The Circular Flow and GDP • GDP Equation in Depth (C+I+G+X) • Calculating GDP • Other Approaches to Calculating GDP • Evaluating GDP as a Measure of the Economy Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/measuring-output-and-income-19/measuring-output-using-gdp-92/

  6. Measuring Output and Income > Other Measures of Output Other Measures of Output • National Income • Personal Income • Disposable Income • GDP per capita Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/measuring-output-and-income-19/other-measures-of-output-93/

  7. Measuring Output and Income > Comparing Real and Nominal GDP Comparing Real and Nominal GDP • Calculating Real GDP • The GDP Deflator Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/measuring-output-and-income-19/comparing-real-and-nominal-gdp-94/

  8. Measuring Output and Income > Cost of Living Cost of Living • Introduction to Inflation • Defining and Calculating CPI Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/measuring-output-and-income-19/cost-of-living-95/

  9. Appendix Free to share, print, make copies and changes. Get yours at www.boundless.com

  10. Measuring Output and Income Key terms • circular flowA model of market economy that shows the flow of dollars between households and firms. • consumer price indexA statistical estimate of the level of prices of goods and services bought for consumption purposes by households. • consumptionIn the expenditure approach, the amount of goods and services purchased for consumption by individuals. • cost-push inflationA rise in the price level for goods and services in an economy due to increases in the costs of production. • demand-pull inflationA rise in the price level for goods and services in an economy due to greater demand than the economy's ability to produce those goods and services. • depreciationThe measurement of the decline in value of assets. Not to be confused with impairment, which is the measurement of the unplanned, extraordinary decline in value of assets. • Discretionary IncomeDisposable income (after-tax income) minus all payments that are necessary to meet current bills. • disposable incomeIncome left after taxes. • expenditure approachThe total spending on all final goods and services (Consumption goods and services (C) + Gross Investments (I) + Government Purchases (G) + (Exports (X) - Imports (M)) GDP = C + I + G + (X-M). • expenditure approachThe total spending on all final goods and services (Consumption goods and services (C) + Gross Investments (I) + Government Purchases (G) + (Exports (X) - Imports (M)) GDP = C + I + G + (X-M). • exportAny good or commodity, transported from one country to another country in a legitimate fashion, typically for use in trade. • Factors of productionIn economics, factors of production are inputs. They may also refer specifically to the primary factors, which are stocks including land, labor, and capital goods applied to production. Free to share, print, make copies and changes. Get yours at www.boundless.com

  11. Measuring Output and Income • GDPGross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time. • GDP deflatorA measure of the level of prices of all new, domestically produced, final goods and services in an economy. It is calculated by computing the ratio of nominal GDP to the real measure of GDP. • government spendingIncludes all government consumption, investment but excludes transfer payments made by a state. • gross domestic productKnown also as GDP, this is a measure of the economic production of a particular territory in financial capital terms over a specific time period. • gross domestic productA measure of the economic production of a particular territory in financial capital terms over a specific time period. • gross national productThe total market value of all the goods and services produced by a nation (citizens of a country, whether living at home or abroad) during a specified period. • importTo bring (something) in from a foreign country, especially for sale or trade. • income approachGDP based on the income approach is calculated by adding up the factor incomes to the factors of production in the society. • income approachGDP based on the income approach is calculated by adding up the factor incomes to the factors of production in the society. • inflationAn increase in the general level of prices or in the cost of living. • investmentA placement of capital in expectation of deriving income or profit from its use. • market basketA list of items used specifically to track the progress of inflation in an economy or specific market. Free to share, print, make copies and changes. Get yours at www.boundless.com

  12. Measuring Output and Income • national incomeThe total amount of goods and services produced within some "boundary. " The boundary is usually defined by geography or citizenship, and may also restrict the goods and services that are counted. • nominalWithout adjustment to remove the effects of inflation (in contrast to real). • nominal gdpA macroeconomic measure of the value of the economy's output that is not adjusted for inflation. • output approachGDP is calculated using the output approach by summing the value of sales of goods and adjusting (subtracting) for the purchase of intermediate goods to produce the goods sold. • per capitaper person • personal incomeAn individual's total earnings from wages, investment enterprises, and other ventures. • qualitativeBased on descriptions or distinctions rather than on some quantity. • quantitativeOf a measurement based on some number rather than on some quality. • real GDPA macroeconomic measure of the value of the economy's output adjusted for price changes (inflation or deflation). • welfareHealth, safety, happiness and prosperity; well-being in any respect. Free to share, print, make copies and changes. Get yours at www.boundless.com

  13. Measuring Output and Income Real GDP Growth This graph shows the real GDP growth over a specific period of time. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Us real gdp growth."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Us_real_gdp_growth.gifView on Boundless.com

  14. Measuring Output and Income Nominal GDP This image shows the nominal GDP for a given year in the United States. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."USA states nominal gdp."CC BY-SAhttp://commons.wikimedia.org/wiki/File:USA_states_nominal_gdp.PNGView on Boundless.com

  15. Measuring Output and Income U.S. GDP Components The components of GDP include consumption, investment, government spending, and net exports (exports minus imports). Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia.Public domainhttp://upload.wikimedia.org/wikipedia/commons/f/f6/GDP_Categories_-_United_States.pngView on Boundless.com

  16. Measuring Output and Income Demand-Pull Inflation Demand-pull inflation is caused by an increase in aggregate demand. As demand increases, so does the price level. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Push-pull-inflation."GNU FDLhttp://en.wikipedia.org/wiki/File:Push-pull-inflation.jpgView on Boundless.com

  17. Measuring Output and Income GDP across the globe GDP can be adjusted to compare the purchasing power across countries but cannot be adjusted to provide a view of the economic disparities within a country. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia.Public domainhttp://upload.wikimedia.org/wikipedia/commons/thumb/e/e0/Gdpercapita.PNG/450px-Gdpercapita.PNGView on Boundless.com

  18. Measuring Output and Income Circular flow The circular flow is a simplified view of the economy that provides an ability to assess GDP at a specific point in time. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia.CC BY-SAhttp://upload.wikimedia.org/wikipedia/commons/a/a4/Circular_flow_of_income.jpgView on Boundless.com

  19. Measuring Output and Income Expenditure approach The expenditure approach is a common method for evaluating the value of an economy at a given point in time. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia.CC BY-SAhttp://upload.wikimedia.org/math/e/3/c/e3cb2605a39e6608ee35c95e285b30a7.pngView on Boundless.com

  20. Measuring Output and Income Historical personal income by educational attainment Personal income data can provide governments with useful information in the formulation of public policy to combat income inequality. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia.CC BY-SAhttp://upload.wikimedia.org/wikipedia/en/thumb/6/6c/Historical_median_personal_income_by_education_attainment_in_the_US.png/800px-Historical_median_personal_income_by_education_attainment_in_the_US.pngView on Boundless.com

  21. Measuring Output and Income Disposable income Disposable income can be spent on essential or nonessential items. Alternatively, it can also be saved. It is whatever income is left after taxes. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia.CC BY-SAhttp://upload.wikimedia.org/wikipedia/commons/1/1e/Shoppers_on_Dundas,_near_Yonge.jpgView on Boundless.com

  22. Measuring Output and Income Comparisons of GDP per capita GDP per capita varies across countries and is highest among developed countries. However, GDP per capita is not an indicator of income distribution in a given country. For this reason GDP per capita may not necessarily be a barometer for the quality of life in a given country. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia.CC BY-SAhttp://upload.wikimedia.org/wikipedia/commons/thumb/7/78/GDP_PPP_per_capita_2009_IMF.png/800px-GDP_PPP_per_capita_2009_IMF.pngView on Boundless.com

  23. Measuring Output and Income Global GDP GDP is a common measure for both inter-country comparisons and intra-country comparisons. The metric is one method of understanding economic growth within a country's borders. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."GDP nominal per capita world map IMF 2007."CC BYhttp://en.wikipedia.org/wiki/File:GDP_nominal_per_capita_world_map_IMF_2007.PNGView on Boundless.com

  24. Measuring Output and Income Cost-Push Inflation As the costs of production inputs rises, aggregate supply can decrease, which increases price levels. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."As AD cost push."GNU FDLhttp://en.wikipedia.org/wiki/File:As_AD_cost_push.svgView on Boundless.com

  25. Measuring Output and Income Consumer Price Index The graph shows the consumer price index in the United States from 1913 - 2004. The x-axis indicates year, the left y-axis indicates the Consumer Price Index, and the right y-axis indicates annual percentage change in Consumer Price Index, which can be used to measure inflation. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Consumer Price Index US 1913-2004."CC BY-SAhttp://commons.wikimedia.org/wiki/File:Consumer_Price_Index_US_1913-2004.pngView on Boundless.com

  26. Measuring Output and Income GDP over time GDP is measured over consecutive periods to enable policymakers and economic agents to evaluate the state of the economy to set expectations and make decisions. Free to share, print, make copies and changes. Get yours at www.boundless.com Wordpress.Public domainhttp://docbea.files.wordpress.com/2013/07/731_gdp_1.pngView on Boundless.com

  27. Measuring Output and Income GDP Deflator Equation The GDP deflator measures price inflation in an economy. It is calculated by dividing nominal GDP by real GDP and multiplying by 100. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."GDP deflator."GNU FDLhttp://en.wikipedia.org/wiki/GDP_deflatorView on Boundless.com

  28. Measuring Output and Income Expenditure accounts Components of the expenditure approach to calculating GDP as presented in the National Income Accounts (U.S. Bureau of Economic Analysis). Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia.Public domainhttp://upload.wikimedia.org/wikipedia/commons/f/f6/GDP_Categories_-_United_States.pngView on Boundless.com

  29. Measuring Output and Income Simple view of expenditures In an economy, households receive wages that they then use to purchase final goods and services. Since wages eventually are used in consumption (C), the expenditure approach to calculating GDP focuses on the end consumption expenditure to avoid double counting. The income approach, alternatively, would focus on the income made by households as one of its components to derive GDP. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia.CC BY-SAhttp://upload.wikimedia.org/wikipedia/commons/thumb/b/b8/Circular_flow_of_goods_income.png/350px-Circular_flow_of_goods_income.pngView on Boundless.com

  30. Measuring Output and Income Attribution • Wiktionary."GDP."CC BY-SA 3.0http://en.wiktionary.org/wiki/GDP • Wikipedia."Gross domestic product."CC BY-SA 3.0http://en.wikipedia.org/wiki/Gross_domestic_product%23Income_approach • Wikipedia."Gross domestic product."CC BY-SA 3.0http://en.wikipedia.org/wiki/Gross_domestic_product • Wiktionary."gross domestic product."CC BY-SA 3.0http://en.wiktionary.org/wiki/gross_domestic_product • Wikipedia."gross national product."CC BY-SA 3.0http://en.wikipedia.org/wiki/gross%20national%20product • Wikipedia."Measures of national income and output."CC BY-SA 3.0http://en.wikipedia.org/wiki/Measures_of_national_income_and_output • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//economics/definition/circular-flow • Wikipedia."Factors of production."CC BY-SA 3.0http://en.wikipedia.org/wiki/Factors%20of%20production • Wikipedia."Circular flow of income."CC BY-SA 3.0http://en.wikipedia.org/wiki/Circular_flow_of_income • Wiktionary."import."CC BY-SA 3.0http://en.wiktionary.org/wiki/import • Wiktionary."export."CC BY-SA 3.0http://en.wiktionary.org/wiki/export • Wikipedia."government spending."CC BY-SA 3.0http://en.wikipedia.org/wiki/government%20spending • Wiktionary."investment."CC BY-SA 3.0http://en.wiktionary.org/wiki/investment • Wiktionary."consumption."CC BY-SA 3.0http://en.wiktionary.org/wiki/consumption • Wikipedia."Gross domestic product."CC BY-SA 3.0http://en.wikipedia.org/wiki/Gross_domestic_product • Wikipedia."output approach."CC BY-SA 3.0http://en.wikipedia.org/wiki/output%20approach • Wikipedia."income approach."CC BY-SA 3.0http://en.wikipedia.org/wiki/income%20approach Free to share, print, make copies and changes. Get yours at www.boundless.com

  31. Measuring Output and Income • Wikipedia."expenditure approach."CC BY-SA 3.0http://en.wikipedia.org/wiki/expenditure%20approach • Wikipedia."Gross domestic product."CC BY-SA 3.0http://en.wikipedia.org/wiki/Gross_domestic_product • Wikipedia."Measuring GDP."CC BY-SA 3.0http://en.wikipedia.org/wiki/Measuring_GDP • Wiktionary."depreciation."CC BY-SA 3.0http://en.wiktionary.org/wiki/depreciation • Wikipedia."income approach."CC BY-SA 3.0http://en.wikipedia.org/wiki/income%20approach • Wikipedia."expenditure approach."CC BY-SA 3.0http://en.wikipedia.org/wiki/expenditure%20approach • Wikipedia."Gross domestic product."CC BY-SA 3.0http://en.wikipedia.org/wiki/Gross_domestic_product%23Income_approach • Wikipedia."Gross domestic product."CC BY-SA 3.0http://en.wikipedia.org/wiki/Gross_domestic_product%23Income_approach • Wiktionary."qualitative."CC BY-SA 3.0http://en.wiktionary.org/wiki/qualitative • Wiktionary."quantitative."CC BY-SA 3.0http://en.wiktionary.org/wiki/quantitative • Wiktionary."welfare."CC BY-SA 3.0http://en.wiktionary.org/wiki/welfare • Wikipedia."Gross domestic product."CC BY-SA 3.0http://en.wikipedia.org/wiki/Gross_domestic_product%23Limitations_and_Criticisms • Wikipedia."national income."CC BY-SA 3.0http://en.wikipedia.org/wiki/national%20income • Wikipedia."Measures of national income and output."CC BY-SA 3.0http://en.wikipedia.org/wiki/Measures_of_national_income_and_output • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//sociology/definition/personal-income • Wikipedia."Personal income in the United States."CC BY-SA 3.0http://en.wikipedia.org/wiki/Personal_income_in_the_United_States • Wikipedia."Personal income in the United States."CC BY-SA 3.0http://en.wikipedia.org/wiki/Personal_income_in_the_United_States • Wiktionary."disposable income."CC BY-SA 3.0http://en.wiktionary.org/wiki/disposable_income • Wikipedia."Discretionary Income."CC BY-SA 3.0http://en.wikipedia.org/wiki/Discretionary%20Income Free to share, print, make copies and changes. Get yours at www.boundless.com

  32. Measuring Output and Income • Wiktionary."disposable income."CC BY-SAhttp://en.wiktionary.org/wiki/disposable_income • Wikipedia."Disposable and discretionary income."CC BY-SA 3.0http://en.wikipedia.org/wiki/Disposable_and_discretionary_income • Wiktionary."per capita."CC BY-SA 3.0http://en.wiktionary.org/wiki/per_capita • Wikipedia."Per capita income."CC BY-SA 3.0http://en.wikipedia.org/wiki/Per_capita_income • Wiktionary."gross domestic product."CC BY-SA 3.0http://en.wiktionary.org/wiki/gross_domestic_product • Wiktionary."nominal."CC BY-SA 3.0http://en.wiktionary.org/wiki/nominal • Wikipedia."GDP."CC BY-SA 3.0http://en.wikipedia.org/wiki/GDP • Wikibooks."Macroeconomics/Glossary."CC BY-SA 3.0http://en.wikibooks.org/wiki/Macroeconomics/Glossary%23N • Wikipedia."Nominal GDP."CC BY-SA 3.0http://en.wikipedia.org/wiki/Nominal_GDP%23Nominal_GDP_and_adjustments_to_GDP • Wikipedia."Real versus nominal value (economics)."CC BY-SA 3.0http://en.wikipedia.org/wiki/Real_versus_nominal_value_(economics) • Wikipedia."Real GDP."CC BY-SA 3.0http://en.wikipedia.org/wiki/Real_GDP • Wikipedia."real GDP."CC BY-SA 3.0http://en.wikipedia.org/wiki/real%20GDP • Wikipedia."nominal gdp."CC BY-SA 3.0http://en.wikipedia.org/wiki/nominal%20gdp • Wikipedia."GDP deflator."CC BY-SA 3.0http://en.wikipedia.org/wiki/GDP%20deflator • Wikipedia."Nominal GDP."CC BY-SA 3.0http://en.wikipedia.org/wiki/Nominal_GDP%23Nominal_GDP_and_adjustments_to_GDP • Wikipedia."Real gross domestic product."CC BY-SA 3.0http://en.wikipedia.org/wiki/Real_gross_domestic_product • Wikipedia."GDP deflator."CC BY-SA 3.0http://en.wikipedia.org/wiki/GDP_deflator • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//economics/definition/cost-push-inflation • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//economics/definition/demand-pull-inflation Free to share, print, make copies and changes. Get yours at www.boundless.com

  33. Measuring Output and Income • Wiktionary."inflation."CC BY-SA 3.0http://en.wiktionary.org/wiki/inflation • Wikipedia."Inflation."CC BY-SA 3.0http://en.wikipedia.org/wiki/Inflation • Wikipedia."Supply shock."CC BY-SA 3.0http://en.wikipedia.org/wiki/Supply_shock • Wikipedia."Cost-push inflation."CC BY-SA 3.0http://en.wikipedia.org/wiki/Cost-push_inflation • Wikipedia."Demand-pull inflation."CC BY-SA 3.0http://en.wikipedia.org/wiki/Demand-pull_inflation • Wikispaces."econ101-powers-sectionc - Types of Inflation."CC BY-SAhttp://econ101-powers-sectionc.wikispaces.com/Types+of+Inflation • Wikispaces."econ101-powers-sectione - Types of Inflation."CC BY-SAhttp://econ101-powers-sectione.wikispaces.com/Types+of+Inflation • Wikipedia."Inflation."CC BY-SA 3.0http://en.wikipedia.org/wiki/Inflation • Wiktionary."market basket."CC BY-SA 3.0http://en.wiktionary.org/wiki/market_basket • Wiktionary."consumer price index."CC BY-SA 3.0http://en.wiktionary.org/wiki/consumer_price_index • Wikipedia."GDP deflator."CC BY-SA 3.0http://en.wikipedia.org/wiki/GDP_deflator • Wiktionary."consumer price index."CC BY-SAhttp://en.wiktionary.org/wiki/consumer_price_index • Wikipedia."Cpi."CC BY-SA 3.0http://en.wikipedia.org/wiki/Cpi Free to share, print, make copies and changes. Get yours at www.boundless.com

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