ap_macroeconomics_review宏觀經(jīng)濟(jì)學(xué)ap課程ppt

1、,AP Macroeconomics Review,,basic economic concepts,? scarcity,choice and opportunity costs? PPC(PPF),? comparative advantage,specialization,and,exchange,? demand,supply,and equilibrium,,All economic questions and p

2、roblems arise becausehuman wants exceed the resources available to satisfythem.,Scarcity:,The condition that arises because the availableresources are insufficient to satisfy wants.,Faced with scarcity, we must make c

3、hoices — we mustchoose among the available alternatives.,Because scarcity exists we have the study of,economics. The economic problem is how to bestallocate scarce resources to meet the wants and needsof human societ

4、ies.,,Economics:,The social science concerned with how individuals,institutions, and society make optimal (best) choices,under conditions of scarcity .,Two big economic questions:,? How choices determine what, how, and

5、for whom,goods and services get produced?,? When do choices made in self-interest also,promote social interest ?,,Opportunity cost,? The next best thing that you must give up to getsomething — the highest-valued altern

6、ative forgone.,? Examples:,– staying in school vs. dropping out,– studying for a test vs. going to a sporting event– G oing to college vs. entering the workforce,? Remember that every time you make a choice it is,costi

7、ng you an opportunity.,,? Micro and Macro Views of the WorldMicroeconomics : The study of the choices thatindividuals and businesses make and the way thesechoices interact and are influenced by governments.Macr

8、oeconomics : The study of the aggregate (or total)effects on the national economy and the global,economy of the choices that individuals, businesses,and governments make.,Macroeconomics looks at the beach while,Microe

9、conomics examines the sand, rocks, and shells.,,,Entrepreneurship,Capital,Labor,Land,? Producing goods and services requires the use ofresources!.,? ALL resources can be classified as one of thefollowing four factors

10、of production:,The Four Factors of Production,,The Factors of Production,,What is the Production Possibilities Curve?? A production possibilities graph (PPG) is amodel that shows alternative ways that aneconomy

11、 can use its scarce resources? This model graphically demonstrates scarcity,trade-offs, opportunity costs, and efficiency.4 Key Assumptions,????,Only two goods can be producedFull employment of resources

12、Fixed Resources ( Ceteris Paribus )Fixed Technology,,,,,,,,,,,,,,,,,,,,,,,,A140,B122,C94,D56,E08,f010,BikesComputers,Each point represents a specificcombination of goods that can beproduced

13、 given full employment ofresources.NOW GRAPH IT: Put bikes on y-axis andcomputers on x-axis,Production “Possibilities” Table,,,,,,,,,,,,,,,,,Bikes,14121086,42,0,0,2,4,6,8,10,A,B,E,Inefficien

14、t/Unemployment,(given current resources)GCEfficientD,Production PossibilitiesHow does the PPG graphically demonstrates scarcity,trade-offs, opportunity costs, and efficiency?Impossible/Unatt

15、ainable,,2.The opportunity cost of,3.The opportunity cost of,moving from b to d is… 7 Bikes,moving from d to b is… 4 Computer,4.What can you say about point G?,Unattainable,1. The opportunity cost of,moving from a to

16、b is… 2 Bikes,Example:,Opportunity Cost,,遞增的成本規(guī)律表明生產(chǎn)某種商品越多，機(jī)會(huì)成本越高。它成立的事實(shí)依據(jù)是某些資源對(duì)不同商品的生產(chǎn)能力不同。拿槍和黃油這兩種商品舉個(gè)例子：假設(shè)在一個(gè)經(jīng)濟(jì)體中已經(jīng)生產(chǎn)了許多槍?zhuān)@個(gè)經(jīng)濟(jì)體中的大部分資源投入了槍支生產(chǎn)，僅有很少的資源（如農(nóng)民，奶牛，擠奶機(jī)等）投入了黃油生產(chǎn)?，F(xiàn)在，如果這個(gè)社會(huì)想要生產(chǎn)更多的槍?zhuān)徊糠稚a(chǎn)黃油的資源將會(huì)被轉(zhuǎn)移到槍支生產(chǎn)中，

17、這就意味著更多的農(nóng)民和奶牛將會(huì)被槍支工廠雇傭（奶牛將被用于轉(zhuǎn)動(dòng)可以磨光炮膛的磨粉機(jī)）。但是農(nóng)民和奶牛相對(duì)與生產(chǎn)槍支來(lái)說(shuō)更擅于生產(chǎn)黃油，因此當(dāng)這些資源被轉(zhuǎn)移時(shí)，并不會(huì)生產(chǎn)出很多槍?zhuān)喾磪s有很多黃油“犧牲”了，說(shuō)明生產(chǎn)的槍支越多，生產(chǎn)它的機(jī)會(huì)成本越高。,,,,,,最大產(chǎn)量：小麥 100kg玉米 50kg,最大產(chǎn)量：小麥 70kg玉米 70kg,最大產(chǎn)量：小麥 50kg玉米 100kg,土地一,土地二,土地三,隨著玉米的

18、產(chǎn)量增加，生產(chǎn)玉米的機(jī)會(huì)成本會(huì)怎么變化？,eg: 小麥玉米種植,,15,Production Possibilities4 Key Assumptions Revisited? Only two goods can be produced? Full employment of resources? Fixed Resources (4 Factors)? Fixed TechnologyWh

19、at if there is a change?2 Shifters of the PPC1. Change in resource quantity or quality2. Change in Technology,,,Production Possibilities,? Assumptions:,– Full Employment,– Fixed Resources and Technology,? Moveme

20、nts,– Along curve shows opportunity cost,– Outward shift illustrates economic growth– Inward shift indicates destruction of resources,? Producing Capital Goods will lead to greatereconomic growth than producing cons

21、umer,goods. ( Butter will lead to more growth than guns),,,,,,Production Possibilities Graph,CapitalGoods,Consumer Goods,A,B,C,D,E,Points A,B,C, are efficient pts.Point D is underutilizationPoint E is economic growth

22、,May Lead to mostFuture economic growth,,Economic Systems,? Capitalism=Free Market,– Most decisions made by Private businesses,? Communism=Command Economy,– Most decisions made by the government,? Mixed Economy=Fe

23、atures of both Capitalism,and Communism,– Decisions made by both the market and,governments,,Supply and Demand,,Supply and Demand Factors,? Demand Changes when :,– I ncome changes,– R elated Products, complements ands

24、ubstitutes, (price or quality change)– E xpectations (future price change)– C onsumers (more or less added)– T astes, Fads, Preferences change,,,,,,,Demand Increase: As Demand Increases,Price and Quantity Increase

25、as well.,Q1,D1Q2,S1D2,PriceP2P1,Quantity,,,,,,,Demand Decrease: As Demand Decreaes, Priceand Quantity decrease as well,S1,Q1,Q2,PriceP1P2,D1D2Quantity,,Supply Factors,

26、? Supply Changes When:,– Input prices change (resources and wages)– Government (tariffs, quotas, and subsidies)– Number of sellers change,– Expectations (about price and product,profitability change),– Disasters (weat

27、her, strikes, etc..),,,,,,,Q1,Q2,PriceP1P2,Supply Increase: As Supply Increases, QuantityIncreases, but Price Falls.S1,S2,D1Quantity,,,,,,,Supply Decrease: As Supply Decreases, QuantityDecre

28、ases, but Price Increases.S2,S1D1Quantity,PriceP2P1,Q1,Q2,,Comparative Advantage? A nation should specialize in producing goods in whichit has a comparative advantage

29、: ability to produce thegood at a lower opportunity cost.Example:,Spain:France,Cheese2 pounds2 pounds,Wine2 Cases6 Cases,Spain should produce cheese (1C = 1W)France should produce wine (1W = 1/3C)

30、,:,,Currency Terms,? Appreciation: Currency is increasing,in demand (stronger dollar),– U.S. Currency will appreciate whenmore foreigners: travel to the U.S., buymore U.S. goods or services, or buythe U.S. dollar

31、to invest in bonds,,Currency Terms,? Depreciation: Currency is,decreasing in demand (weakerdollar) Being SUPPLIED inexchange for other currency.,– U.S. Currency will depreciate whenfewer foreigners: travel to the U.

32、S., buyfewer U.S. goods or services, or sellthe U.S. dollar to invest in their ownbonds,,Chapter12,Macroeconomic measures of,performance,,Circular Flow of Economic,Activity,? Households supply resources (land, la

33、bor,capital, entrepreneurial ability) to the resourcemarket. Households demand goods andservices from businesses.,? Businesses demand household resources and,supply goods and services to the product(factor) mar

34、ket.,,,,,,,,,,,,,,生產(chǎn)要素市場(chǎng),生產(chǎn)投入工資、租金和利潤(rùn) (=GDP),勞動(dòng)、土地和資本收入 (=GDP),支出 (=GDP)物品和勞務(wù)的購(gòu)買(mǎi)家庭,收入 (=GDP)物品和勞務(wù)的銷(xiāo)售企業(yè),循環(huán)流量圖物品與勞務(wù)市場(chǎng),,GDP,GDP is the market value of th

35、e final goodsand services produced within a nation in ayear.,,GDP: What Counts:,? Goods Produced but not Sold (I)? Goods produced by a foreign,country (Japan) in the U.S. (Honda,Toyota),? Government spending on the

36、military? Increase in business inventories,,GDP: What DOES NOT count:,? Intermediate Goods (Tires sold by,Firestone to Ford),? Used Goods,? Non-Market Activities (Illegal,,Underground),? Transfer Payments (Social

37、Security)? Stock Transactions,,Shortcomings,of GDP: Leading to GDP,being understated.? Nonmarket activities: (services ofhomemakers) does not count.? Leisure: Does not include the value of leisure.?

38、 Does not include improvements in productquality.? Underground economy,,GDP: Overstated,? Includes damage to the environment,? Includes more spending on healthcare-,Americans being unhealthy.,? Includes mon

39、ey spent to fight crime-more,police officers, more jails, etc…,,Expenditures Approach,Four components of GDP:1. Consumer Spending,Ex: $5 Little Caesar's Pizza,2. Investments -When businesses put money,back into thei

40、r own business.Ex: Machinery or tools,3. Government Spending,Ex: Bombs or tanks, NOT social security,4. Net Exports - Exports ( X ) – Imports ( M ),Ex: Value of 3 Ford Focuses minus 2 Hondas,,GDP (Gross Domestic Product

41、):,Expenditure Formula:,Consumption (C) + Business Investment (I) +Government Spending (G) + Net Exports (x),note: Investment Spending (I ) :,New capital machinery purchased by firms;New construction for firms or consu

42、mers;,Market value of the change in unsold inventories,,GDP (Gross Domestic Product):,Income Formula:,,GDP = C + I + G + (X – M)= Aggregate Spending= Aggregate Income (Y ),The most recent AP Macroeconomics curriculum f

43、ocuses onGDP, or total spending , as the nation ’ s measure ofeconomic output. Your study should therefore focus on thecomponentsof GDP,,Real GDP? Real GDP= Nominal GDP adjusted forinflation.? Calculation:,No

44、minal GDPPrice Index in Hundredths( deflator),– Real GDP =Example:,$12,4558 (billions)1.1274 (based on 2000),U.S. 2005 Real GDP=$11.048 Trillion,,Real GDP Per Capita,? Most commonly used to compare and

45、measure each country’s standard of livingand overall economic growth.,? Real GDP/Nation’s Population,,,,我國(guó) GDP 及增長(zhǎng)情況 1978--2011 年,,GDP 總結(jié),GDP 注意點(diǎn),? 一國(guó)地理范圍內(nèi),? 一定時(shí)期內(nèi),? 最終產(chǎn)品 （ not intermediate goods ）,? 產(chǎn)品和服務(wù) （ not finan

46、cial transaction ）購(gòu)房中介費(fèi),? 市場(chǎng)價(jià)值 ( 地下經(jīng)濟(jì)，家務(wù)勞動(dòng)不算 ),? 生產(chǎn)出來(lái)的 （沒(méi)賣(mài)也算，二手交易不算）,,Price Index,Price Index is a measure of the price of a good in agivenyear, when compared to the price of that good in a reference(or base) year.,LPI

47、 in year t = 100 ? (Price of a latte in year t)/(Price of a latte in base year),,,,,Deflating Nominal GDPTo deflate a nominal value, or adjust for inflation, you do a simple division:Real GDP = 100 ? (Nominal GDP)/(Pri

48、ce Index)or you can think of it asReal GDP = (Nominal GDP)/(Price Index)(in hundreds)The GDP Deflator,The GDP Deflator=,Nominal GDPReal GDP,100,,Business Cycles,The business cycle is the periodic rise and fal

49、l in economic activity, and canbe measuredby changes in real GDP .,? Expansion : A period where real GDP is growing.,? Peak : The top of the cycle where an expansion has run its course and is,about to turn down.,? C

50、ontraction : A period where real GDP is falling. A recession is generally,described as two consecutive quarters of falling real GDP. If thecontraction is prolonged or deep enough, it is called a depression .,? Trough :

51、 The bottom of the cycle where a contraction has stopped and is,about to turn up.,,宏觀經(jīng)濟(jì)的 4 大目標(biāo),? 1 保證充分就業(yè),? 2 保證經(jīng)濟(jì)增長(zhǎng),? 3 保證國(guó)際收支平衡,? 4 保證物價(jià)穩(wěn)定,,Inflation,? Rise in the general level of prices,? Reduces the purchasing

52、 power of money? Measured with the Consumer Price,Index (CPI),– Reports the price of a market basket , morethan 300 goods that are typically purchasedby an urban household,,,,,,,,,,,,,我國(guó)市場(chǎng)籃子產(chǎn)品類(lèi)食品

53、煙酒及用品衣著家庭設(shè)備用品和維修服務(wù)醫(yī)療保健和個(gè)人用品交通和通訊娛樂(lè)、教育、文化用品和服務(wù)居住,權(quán)重33.2%3.9%9.1%6%10%10.4%14.2%13.2%,,Consumer Price Index (CPI),? CPI = spending of Market Basket current year,spending of

54、 same basket in base year,,GDP 平減指數(shù)和 CPI 的區(qū)別,,我國(guó)近十年 CPI 變化情況,,,,Calculating Inflation? 其中， t 代表其中一年， t-1 代表前一年。對(duì)應(yīng)的是 第 t年的通貨膨脹率total cos t this periodCPI ?

55、 ? 100total cos t base period,CPI t ? CPI t ? 1CPI t ? 1,Inflation rate ?,,,生活案例,? 以 2002 年為 base year ，假設(shè)該年購(gòu)買(mǎi) 1 basket 需要,1200 刀,? 2003 年同樣的 1 basket 需要 1236 刀? 那么,1236,1200,CPI ?

56、 ? 100=103,100,103 ? 100,I n flation Rate ? ? 3 %,,Types of Inflation,? Demand Pull Inflation: ‘too much money,chasing too few goods.”,– AD Curve will shift to the right, resulting in a higher,P

57、rice Level and greater Output (up til FE),? Cost-Push Inflation: Major cause is a supplyshock-OPEC cutting back on oil production,– AS Curve will shift to the left resulting in a higher,Price Level and a decrease in

58、 Real GDP.,,Real and Nominal Terms? Real Income = Nominal IncomePrice Index (Hundredths),? Nominal Interest Rate= Real Interest Rate + Expected Inflation,,Inflation: Winners & Losers,? Winners:,– De

59、btors who borrow money that will be repaid with “cheap”,dollars.,– Those who have anticipate inflation,? Losers:,– Savers (especially savings accounts),– Creditors 債權(quán)人 (Banks will be repaid with those “cheap”,dollar

60、s,– Fixed-Income Recipients (retirees receiving the same monthly,pension),,Difficulties with the CPI,? Consumers substitute （消費(fèi)者選擇其他產(chǎn)品）,? 肯德基吃不起 就去吃 德克士? 整不起容就去化妝? 讀不起哈佛就讀 MCU,? Goods evolve （產(chǎn)品演化，市場(chǎng)籃子過(guò)時(shí)）?

61、 Quality differences （價(jià)格提高可能是質(zhì)量提,高的結(jié)果）,? Shawn 小時(shí)候，買(mǎi)不起手機(jī)，手機(jī)要 3000 多?，F(xiàn)在 3000 多的手機(jī)各種炫目。,某種意義上，雖然手機(jī)價(jià)格沒(méi)變，但是花的錢(qián)更值。同樣的，電腦和電視,也可以說(shuō)明,,Review,,Unemployment,? Calculation: Number of Unemployed,Labor Force,(Multiplied by 10

62、0 to put as a %),The Labor Force is the total of employed andunemployed workers.,U.S. unemployment should be about 5%,,,? BLS 將 16 歲以上的成年人分成,? 1 就業(yè)者 =employed - 前一周大部分時(shí)間從事有償工作,? 2 失業(yè)者 =unemployed - 暫時(shí)被解雇，在尋覓工作

63、，等待新工作,開(kāi)始 - 一定是積極找工作滴,? 3 非勞動(dòng)力人口 =not in the labor force - 全日制學(xué)生，家務(wù),勞動(dòng)者，退休人員，傷殘，壕二代,,The labor force is the sum of all individuals 16 years and older who are,either currently employed (E) or unemployed (U). To be

64、 counted as one of theunemployed, you must be actively searching for work.,LF = E + U,The unemployment rate is the ratio of unemployed to the total labor force,UR = U/LF,Table 12.6 summarizes the 2002 and 2003 labor mar

65、ket in Smallville,,Not In Labor Force,? A person who is not looking for work:,– Full-time students,– Stay at home parents,– Discouraged workers: those who have given,up hope of finding a job.,– Retirees,,Types of Unempl

66、oyment? structural unemployment 結(jié)構(gòu)性失業(yè)? seasonally unemployed 季節(jié)性失業(yè),? cyclically unemployed? fictionally unemployed,周期性失業(yè)摩擦性失業(yè),,fictionally unemployed,摩擦性失業(yè),? persons who are in between jobs(

67、 他們只是需要匹配的時(shí)間 )? 1 currently holds no job, begins to work next month 畢業(yè)生找工作（勞動(dòng)力與市場(chǎng)的匹配過(guò)程）? 2 quit to have a rest and recharge 個(gè)人意外，需要休息調(diào)整? 3 quit to find a better job 重慶去北京找工作? note ：? （ 1 ）人口流動(dòng)，無(wú)須擔(dān)心

68、? （ 2 ） 收到失業(yè)保障政策的影響：歐洲 1 年 -2 年的失業(yè)救濟(jì)金,,Structural unemployment 結(jié)構(gòu)性失業(yè),? Local economy is structured, or set up, to their,disadvantage.,? 盡管勞動(dòng)市場(chǎng)有職位空缺，但人們因?yàn)闆](méi)有所需的技能，結(jié)果繼續(xù)失業(yè)，也就是由于勞動(dòng)力的供給和需求不匹配 /,不均衡而造成的失業(yè)。,? note