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Samenvatting Macroeconomics, ISBN: 9781464182891 Macroeconomics For EOR
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Samenvatting van de hoofdstukken 1 tm 7, en 10 tm 13.
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Macro economie – blok 1Week 1
Chapter 1
1.1: introduction
Macroeconomics is about entire economies.
GDP
inflation
unemployment
1.2: models
- Demand depends on
Price (p)
Income (y)
- Supply depends on
Price (pizza)
Price (materials)
Demand up//right = price up & quantity up
Supply up//left = price up & quantity down
Chapter 2
2.1: introduction
- Variables
GDP = BBP
CPI = consumenten prijzen
Unemployment
- Stock = given point at measured
- Flow = measured per time
2.2: GDP
1. Total income
2. Total expenditure (uitgaven)
3. Total production
Calculation:
1. Market price: (p apples x q apple) + (p pears x q pears)
2. Don’t include goods
3. Production for inventory = expenditure
4. Only final goods count
5. Several values without ‘market value’.
- Value added = value of the firm’s output less the value of the intermediate goods/services that
the firm purchases.
- The GDP can change:
When the prices become 2x as expensive, the GDP also doubles
Change in quantity
GDP current prices = nominal
constant set of prices = real (can only change due to change in quantity)
, REAL GDP 2015 = (2015p1 x 2015q1) + (2015p2 x 2015q2)
REAL GDP 2016 = (2015p1 x 2016q1) + (2015p2 x 2016q2)
Nominal GDP = current Q, current P
Real GDP = current Q, base year P
GDP deflator = nic/ric
- GDP
Consumption (C) households
Investment (I) future use
Government spendings (G) €for consumption use
Net exports (NX) €domestic goods – €foreign goods
-----------------------------------------------------+++
Y = income(?)
NX = EX – M:
>0 = trade surplus
<0 = trade deficit
=0 = closed economy
- GNP vs GDP
GNP = income by nationals
NNP = GNP – capital depreciation
GNP = GDD + factor payments from abroad – factor payments to abroad
NNP = GNP – depreciation
2.3: CPI
- CPI = consumer price index: (5p1) + (2p2) / (5x2012p1) + (2x2012p2)
- Why CPI > inflation:
Substitution bias
New goods
Quality changes
2.4: unemployment
- You’re either:
Employed – paid job
Unemployed – no job, want to work
Economically inactive – housewife (not in labour force)
- Labour force = employed + unemployed
- Unemployment rate = number of unemployed / labour force x 100
Week 2
Chapter 3
3.1: production
- Closed economy – long run
- Markt bepaald
- No trade – this week
- Factors of production = inputs used to produce goods/services – capital/labour.
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