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LOS 16. TỔNG OUTPUT, P, ECONOMIC GROWTH (16.2 tổng cầu, tổng cung (IS-LM…

- - - - total amount spent on goods + services produced in the country in a time
        
        sum of value added
        
        value of final goods
        
        GDP=C+I+G+(X-M)
    - - total income earned by household, business in the country in a time
        
        GDP= national income+capital consumption allowance +statistical discrepancy
        
        CCA : depreciation of fixed assets => reinvest to maintain the productivity in long-run
        
        statistical discrepancy: adjustment of GDP between income approach va expenditure approach
        
        national income
        
        compenstation of employees(wages+benefits)
        +corporate and government enterprise profits before taxes
        +interest rate
        +unincorporated business net income(business owners' incomes)
        +rent
        +indirect business taxes - subsidies
        
        personal income= national income+transfer payment income
        
        indirect business taxes
        
        corporate income taxes
        -undistributed corporate profits
        
        personal disposable income (PDI) = personal income -tax
  - - - tính trên price current year
    - - tính trên base price (no inflation)
    - - nominal/real*100
- - - - %aditional income for consumption: MPC
        on saving: MPS
        MPS+MPC=100%
    - - expected profitability
      - cost of financing
        
        real interest rates
    - - raltaionship between real interest rates +income
      - goods market
    - - money market
      - giữ nominalmoney supply, P tăng => real income giảm(M/P)
  - - - price change => movement along the AD curve
    - - consumers' wealth
      - business expectation
      - consumers' income expectation
      - high capacity utilization
      - expansionary monetary policy
      - expansionary fiscal policy
      - exchange rates
      - growth economic global
  - - - shift in short-run AS (left to right)
        
        labor productivity
        
        input price
        
        expectations of uture output prices
        
        taxes - government subsidies
    - - shift
        
        supply, quality labor
        
        supply of natural resources
        
        stock of physical capital
        
        technology
  - - - P <P0
        GDP<GDP0
    - - P>P0
        GDP>GDP0
    - - P>P0
        GDP<GDP0
- - - - education and skill level of labor force
  - - - Y/L output per worker
      - K/L physical capital per worker
  - - - L size of labor force
        K amount of capital available
        A total facotr productivity