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domestic output & national income
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CHAPTER 27Measuring Domestic Output and Natio
We will be calculating how economists estimate a country’s output and inco
importance of these figures will be discussed, as well as the differences be
ways that we can measure income. Then, we will discuss how we can adjust t
have calculated for inflation effects and analyze some of the issues associate
accounts. The Last Word explores the difficulty of measuring GDP and inflation
, Chapter Contents
Assessing the Economy’s Performance
The Expenditures Approach
The Income Approach
Other National Accounts
Nominal GDP versus Real GDP
Shortcomings of GDP
,Learning Objectives
LO27.1 Define and measure gross domestic product (GDP).
LO27.2 Determine GDP by summing all expenditures on fina
services.
LO27.3 Determine GDP by summing all incomes received for
resources.
LO27.4 Describe the relationships among GDP, net domestic
income, personal income, and disposable income.
LO27.5 Distinguish between nominal GDP and real GDP.
, Assessing the Economy’s Perfo
National income accounting measures ec
overall performance.
Bureau of Economic Analysis compiles Nat
Income and Product Accounts:
• Assess health of economy
• Track long-run course
• Formulate policy
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