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MACROECONOMICS

The document outlines the key concepts of microeconomics and macroeconomics, focusing on the latter's study of the economy as a whole, including GDP, consumption, investment, government purchases, and net exports. It defines GDP as the market value of all final goods and services produced within an economy, detailing what is included and excluded in its calculation. Additionally, it explains the components of GDP and their significance in measuring economic activity.

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9 views3 pages

MACROECONOMICS

The document outlines the key concepts of microeconomics and macroeconomics, focusing on the latter's study of the economy as a whole, including GDP, consumption, investment, government purchases, and net exports. It defines GDP as the market value of all final goods and services produced within an economy, detailing what is included and excluded in its calculation. Additionally, it explains the components of GDP and their significance in measuring economic activity.

Uploaded by

26a4012415
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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MACROECONOMICS

 Microeconomics:
- The study of how household and firms make decisions and how they interact in markets
- The study of government interventions in each market
 Macroeconomics:
- Study the economy as a whole, addresses many topical issues:
- GDP + CPI + Unemployed rate

Macroeconomics

 For an economy as a whole


- Income must equal expenditure (Tiền vào bằng chi tiêu)
- For example: Juliet pays Romeo
 GDP definition: GDP is the market value of all final goods and services
produced within an economy in a given period of time

+ GDP is the market value

+ Market prices – reflect the value of the goods

 All goods are measured in the same unit such as VND


 Things that have no market value as self-sufficient goods are excluded
- Excludes: most items
+ Produced and sold illicity
- 1. Output is measured in currency terms (dollar, dong, euro…) (Sản lượng đo bằng đơn vị
tiền tệ)
- 2. GDP includes all items produced in the economy and sold legally in markets. It does
not include items produced and sold illicitly. (Bao gồm các items sản xuất và bán ra trên
thị trường một cách hợp pháp, nó không bao gồm sản xuất và bán ra bất hợp pháp)
- 3. GDP does not include items produced and consumed at home that never enter the
marketplace. (Không bao gồm các sp tự cung tự cấp hay không đề lên thị trường)
- 4. GDP includes tangible and intangible goods (bao gồm hàng hóa hữu hình và vô hình)
- 5. GDP records only newly produced goods and services in a period of time (ghi nhận
hàng hóa và dịch vụ trong một khoảng thời gian)
- 6. GDP records only the output of final goods. We want to“count” production only once
(Ghi lại Final goods = sản phẩm cuối cùng và chỉ một lần – Final buyer and final price)
- 7. GDP measures the value of production that occurs within a country’s borders, whether
done by its own citizens or by foreigners located there. (Đo lường giá trị sản xuất trong
biên giới của một quốc gia, bởi người nước đó hay người lao động bên ngoài)

 GDP: Y=C+I+F+NX
Consumption of households (C) (tiêu dùng của hộ gia đình)
Private Investment (I) (Đầu tư tư nhân, tài sản cố định)
Government Purchases (Khoản đầu tư chính phủ)
Net Exports (NX) (= Exports – Imports) (Xuất khẩu ròng = xuất khẩu – nhập khẩu)

CONSUMPTION, C: (thuê thì có consumption but mua thì k có consumption)


- Spending by households on goods and services
 Goods: durable goods, nondurable goods
 Services: .......
Investment, I
- Purchase of (capital) goods that will be used to produce other goods and services in the
future
- "Investment (I): Is the purchases of capital equipment and structures of firms and
household
- E.g. factory, machinery, equipment, software, building…etc.
- Investment includes inventories
- Does not mean the purchase of financial assets like stocks and bonds

Government purchases, G
- Includes spending on goods and services by the governments (e.g. roads, parks, police,
etc.).
- Government Purchase does not include Transfer payments. Transfer payments include
Social Security and other types of assistance to retired people, welfare payments to poor
people, and unemployment compensation to people who have lost their jobs.
- Transfer payments do not require the recipient to produce a good or service in order to
receive them. Therefore, they do not count in a nation’s GDP, because they do not reflect
the production of a good or service.

Net export (NX):


- Nx = Ex - Im Ex:
- Export - Sales of a country’s goods and services to buyers in the rest of the world Im:
Import - purchases of foreign-produced goods and services by a country’s residents
during a period
 What do u think would happen to VN Net exports if:
+ EU experiences a recession (falling income, rising unemployment)
 Exports decrease => NX fall

+ Vietnamese consumers decide to be patrictic and buy more products “made in VN”

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