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Chapter 6 - Measuring Domestic Output, National Income and the Price Level
Assessing the Economy's Performance
Gross Domestic Product
Two ways of looking at GDP - spending and income
The Circular Flow Revisited
Nominal vs. Real GDP
The Consumer Price Index
Shortcomings of GDP
Gross Domestic Product
- A monetary measure
- Avoiding multiple counting
- GDP excludes nonproduction transactions
Two ways of looking at GDP - spending and income
- Expenditure approach
- Income approach
The Circular Flow Revisited
Nominal vs. Real GDP
- GDP price index
- Dividing nominal GDP by price index
- An alternative method
The Consumer Price Index
Shortcomings of GDP
- Nonmarket transactions
- Leisure
- Improved product quality
- The underground economy
- GDP and the environmnet
- Distribution of output
- Per capita output
- Noneconomic sources of well-being
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