Chapter 6 - Measuring Domestic Output, National Income and the Price LevelThis is a featured page

Assessing the Economy's Performance
Chapter 6 - Measuring Domestic Output, National Income and the Price Level - Welker's Wikinomics Page
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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