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CHAPTER
17
Measuring National Output
and National Income
Prepared by: Fernando Quijano
and Yvonn Quijano
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
National Income
and Product Accounts (P.393)
• National income and product
accounts are data collected and
published by the government describing
the various components of national
income and output in the economy.
• The Department of Commerce is
responsible for producing and
maintaining the “National Income and
Product Accounts” that keep track of
GDP.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
國民所得與生產帳戶
• 國民所得與生產帳 是由政府收集資料
與發行，它用來說明一國經濟中國民
所得與生產的各種構成要素。
• 我國行政院主計處負責編製“國民所得
與生產會計帳” ，此用來與GDP接軌。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Gross Domestic Product (P.393)
• Gross domestic product (GDP) is
the total market value of all final
goods and services produced within
a given period by factors of
production located within a country.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
國內生產毛額
• 國內生產毛額(GDP) 是在一段時間內，
一國國內生產要素所生產出來的最後財
貨與勞務之市場總值。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Final Goods and Services (P.394)
• The term final goods and services
refers to goods and services
produced for final use.
• Intermediate goods are goods
produced by one firm for use in
further processing by another firm.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
最後財貨與勞務
• 最後財貨與勞務 項目，表示財貨與勞
務的生產是用在最終用途。
• 中間財 是一家廠商所生產的財貨將
被其他廠商應用在更進一步生產用途
上用。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Value Added (P.394)
• Value added is the difference
between the value of goods as they
leave a stage of production and the
cost of the goods as they entered that
stage.
• In calculating GDP, we can either sum up
the value added at each stage of
production, or we can take the value of
final sales. We do not use the value of
total sales in an economy to measure
how much output has been produced.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
附加價值
附加價值 是一種財貨的生產，在離開
該生產階段與進入該生產階段的差額
在計算 GDP 時我們可加總其每個生產
階段的附加價值，或計算其最後銷售
的價值。我們不能計算其在經濟體系
中之總銷售價值來測度有多少的產出
量被生產出來。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Value Added (P.394)
Value Added in the Production of a Gallon of Gasoline
(Hypothetical Numbers)
STAGE OF PRODUCTION
(1) Oil drilling
VALUE OF SALES
VALUE ADDED
$ .50
$ .50
(2) Refining
.65
.15
(3) Shipping
.80
.15
1.00
.20
(4) Retail sale
Total value added
© 2002 Prentice Hall Business Publishing
$1.00
Principles of Economics, 6/e
Karl Case, Ray Fair
Exclusions from GDP (P.394)
• GDP ignores all transactions in
which money or goods change
hands but in which no new goods
and services are produced.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
不能算計在GDP內
• 除非是新生產出來的財貨與勞務，否
則，貨幣或財貨的換手交易不能算在
GDP內。(即二手貨交易不能算在
GDP內)
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
GDP Versus GNP (P.395)
• GDP is the value of output produced by
factors of production located within a
country. Output produced by a
country’s citizens, regardless of where
the output is produced, is measured by
gross national product (GNP).
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
GDP與GNP
• GDP是以一國 國內 生產要素所生產
出產出量價值之總合來計算。國民生
產毛額(GNP) ，則是一國的 國民 不
論其在國內或國外的生產總值
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Calculating GDP (P.396)
GDP can be computed in two ways:
• The expenditure approach: A
method of computing GDP that
measures the amount spent on all
final goods during a given period.
• The income approach: A method of
computing GDP that measures the
income—wages, rents, interest, and
profits—received by all factors of
production in producing final goods.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
計算GDP
• GDP可以用兩種方法計算出來：
• 支出法： 在一固定時間內，花費在所有
最後財貨之支出來計算GDP的方法。
• 所得法： 所有用來生產最後財貨的所有
生產要素的報酬－－工資、地租、利息
及利潤－－所得收入來計算GDP的方法
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
The Expenditure Approach (P.396)
Expenditure categories:
• Personal consumption expenditures
(C)—household spending on consumer
goods.
• Gross private domestic investment
(I)—spending by firms and households
on new capital: plant, equipment,
inventory, and new residential structures.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
支出法
• 支出法的分類：
• 個人消費支出 (C) －－家庭在消費財
上的支出。
• 國內私人毛投資支出 (I) －－廠商與
家庭在新資本上的支出：廠房、設備、
存貨及新住家的建築。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
The Expenditure Approach (P.396)
Expenditure categories:
• Government consumption and
gross investment (G)
• Net exports (EX – IM)—net
spending by the rest of the world, or
exports (EX) minus imports (IM)
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
支出法
• 支出法的分類：
• 政府的毛投資與消費 (G) 。
• 淨出口 (EX－IM) －－國外的淨支出
或出口 (EX) 減進口 (IM) 。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
The Expenditure Approach (P.396)
• The expenditure approach calculates
GDP by adding together these four
components of spending. In equation
form:
GDP  C  I  G  ( X  M )
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
支出法
• 上列四項支出的加總，即得到以支出
法來計算的GDP。
• 以方程式來表示：
• GDP＝C＋I＋G＋(X－M)
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Personal Consumption Expenditures
(P.396)
• Personal consumption expenditures (C)
are expenditures by consumers on the
following:
• Durable goods: Goods that last a relatively
long time, such as cars and household
appliances.
• Nondurable goods: Goods that are used up
fairly quickly, such as food and clothing.
• Services: The things that we buy that do not
involve the production of physical things, such
as legal and medical services and education.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
個人消費支出
• 個人消費支出 (C) 是消費者的支出，
其支出項目如下：
• 耐久財：使用很久的財貨，如：汽車、
房屋的設備…等等。
• 非耐久財：使用時間很短的財貨，如：
食物、衣服…等等。
• 勞務：不具實體的財貨，如：法律與
醫療的勞務、教育…等等。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Components of GDP, 1999:
The Expenditure Approach (P.397)
Components of GDP, 1999: The Expenditure Approach
BILLIONS OF
DOLLARS
Total gross domestic product
Personal consumption expenditures (C)
Durable goods
Nondurable goods
Services
Gross private domestic investment (l)
Nonresidential
Residential
Change in business inventories
Government consumption and gross investment (G)
Federal
State and local
Net exports (EX – IM)
Exports (EX)
Imports (IM)
9,299.2
6,268.7
761.3
1,845.5
3,661.9
1,650.1
1,203.1
403.8
43.3
1,634.4
568.6
1,065.8
 254.0
990.2
1,244.2
PERCENTAGE
OF GDP
100.0
67.4
8.2
19.8
39.4
17.7
12.9
4.3
0.5
17.6
6.1
11.5
 2.7
10.6
13.4
Note: Numbers may not add exactly because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Gross Private Domestic Investment
(P.397)
• Investment refers to the purchase of
new capital.
• Total investment by the private
sector is called gross private
domestic investment. It includes
the purchase of new housing, plants,
equipment, and inventory by the
private (or non-government) sector.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
國內私人毛投資
• 投資 表示新資本的購買
• 私人部門的總投資稱之國內私人毛投
資。它包括私人(或非政府)部門對新
房屋、廠房、設備及存貨的購買。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Gross Private Domestic Investment
(P.397)
• Nonresidential investment includes
expenditures by firms for machines, tools,
plants, and so on.
• Residential investment includes
expenditures by households and firms on
new houses and apartment buildings.
• Change in inventories computes the
amount by which firms’ inventories change
during a given period. Inventories are the
goods that firms produce now but intend to
sell later.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
國內私人毛投資
• 非住宅的投資 包括廠商對機器、工具、
廠房等等的投資。
• 住宅的投資 包括家庭與廠商在新房舍
與公寓建築上的支出。
• 存貨的變動 為廠商存貨在某一段固定
時間內的改變。存貨是廠商現在所生
產的財貨而將在未來銷售。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
毛投資與淨投資
• 毛投資 是在一段時間內所有新生產的
資本財 (廠房、設備、房舍及存貨) 之
總值。
• 折舊 是在一段時間內資產價值下降
的金額。
• 淨投資 等於毛投資減折舊。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Government Consumption and
Gross Investment (P.400)
• Government consumption and
gross investment (G) counts
expenditures by federal, state,
and local governments for final
goods and services.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
政府消費與毛投資
• 政府的毛投資與消費 (G) 政府對所有
財貨與勞務的總支出 。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Net Exports (P.400)
• Net exports (EX – IM) is the difference
between exports (sales to foreigners of
U.S.-produced goods and services) and
imports (U.S. purchases of goods and
services from abroad). The figure can be
positive or negative.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
淨出口
• 淨出口 (EX－IM) 是出口 (我國生產
的財貨與勞務賣給外國) 與進口 (我國
購賣外國生產的財貨與勞務)的差額。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
The Income Approach (P.400)
• National income is the total income
earned by the factors of production
owned by a country’s citizens.
• The income approach to GDP breaks
down GDP into four components:
GDP = national income + depreciation + (indirect taxes –
subsidies) + net factor payments to the rest of the world
+ other
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
所得法
• 國民所得 是一國人民所擁有的生產
要素參與生產活動後所賺取的所得。
• 計算 GDP 的 所得法 可以分成四個部
份：
• GDP＝國民所得＋折舊＋ (間接稅－
補貼) ＋國外淨要素支付＋其他
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
The Income Approach (P.401)
Components of GDP, 1999: The Income Approach
BILLIONS OF
DOLLARS
Gross domestic product
National income
Compensation of employees
Proprietors’ income
Corporate profits
Net interest
Rental income
Depreciation
Indirect taxes minus subsidies
Net factor payments to the rest of the world
Other
9,299.2
7,469.7
5,299.8
663.5
856.0
507.1
143.4
1,161.0
689.7
11.0
 32.2
PERCENTAGE
OF GDP
100.0
80.3
57.0
7.1
9.2
5.5
1.5
12.5
7.4
0.1
 0.3
Source: See Table 17.2.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
From GDP to Disposable Income
(P.402)
GDP, GNP, NNP, National Income, Personal Income, and Disposable Personal Income,
1999
DOLLARS
(BILLIONS)
GDP
9,299.2
Plus: receipts of factor income from the rest of the world
+ 305.9
Less: payments of factor income to the rest of the world
 316.9
Equals: GNP
9,288.2
Less: depreciation
 1,161.0
Equals: net national product (NNP)
8,127.1
Less: indirect taxes minus subsidies plus other
 675.5
Equals: national income
7,469.7
Less: corporate profits minus dividends
 485.7
Less: social insurance payments
 662.1
Plus: personal interest income received from the government and consumers
+ 456.6
Plus: transfer payments to persons
+1,011.0
Equals: personal income
7,789.6
Less: personal taxes
 1,152.0
Equals: disposable personal income
6,637.7
Source: See Table 17.2.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
From GDP to Disposable Income
(P.403)
• Net national product equals gross
national product minus depreciation;
a nation’s total product minus what is
required to maintain the value of its
capital stock.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
從GDP到可之用所得
• 國民生產淨額 等於國民生產毛額減
折舊；即一國的總生產減維持資本存
量所需的金額。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
From GDP to Disposable Income
(P.403)
• Personal income is the total income
of households. Equals (national
income) minus (corporate profits
minus dividends) minus (social
insurance payments) plus (interest
income received from the government
and households).
• Personal income is the income
received by households after paying
social insurance taxes but before
paying personal income taxes.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
從GDP到可之用所得
• 個人所得 是家庭的總所得。等於 (國
民所得) 減 (公司利潤減紅利) 減 (社會
保險給付) 加 (政府與家庭的利息所得
收益) 。
• 個人所得 是在支付社會保險稅之後但
卻是在支付個人所得稅前的所得入。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Disposable Personal Income and
Personal Saving (P.404)
Disposable Personal Income and Personal Saving, 1999
Disposable personal income
Less:
Personal consumption expenditures
Interest paid by consumers to business
Personal transfer payments to foreigners
Equals: personal saving
Personal savings as a percentage of disposable personal income:
DOLLARS
(BILLIONS)
6,637.7
 6,268.7
 194.8
 26.6
147.6
2.2%
Source: See Table 17.2.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Disposable Personal Income and
Personal Saving (P.403)
• The personal saving rate is the
percentage of disposable personal
income that is saved. If the personal
saving rate is low, households are
spending a large amount relative to
their incomes; if it is high,
households are spending cautiously.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Nominal versus Real GDP (P.404)
• Nominal GDP is GDP measured in
current dollars, or the current prices
we pay for things. Nominal GDP
includes all the components of GDP
valued at their current prices.
• When a variable is measured in
current dollars, it is described in
nominal terms.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
名目GDP與真實GDP
• 名目GDP是 GDP 以 當期貨幣來衡量，
或我們以當時的價格來支付財貨。名目
GDP是以當時價格來計算的GDP價值。
• 當一個變數以當其貨幣來衡量他可以用
名目項目來說明
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Calculating Real GDP (P.404)
• A weight is the importance attached
to an item within a group of items.
• A base year is the year chosen for
the weights in a fixed-weight
procedure.
• A fixed-weight procedure uses
weights from a given base year.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
計算實質GDP
• 加權 是一群項目內表示某一項目的
重要性。
• 基期 (基年) 是用來衡量實質價值的年
代。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Calculating Real GDP (P.405)
A Three-Good Economy
(1)
(2)
PRODUCTION
YEAR 1
YEAR 2
Q1
Q2
(3)
(4)
PRICE PER UNIT
YEAR 1
YEAR 2
P1
P2
(5)
(6)
(7)
(8)
GDP IN
YEAR 1
IN
YEAR 1
PRICES
P 1 x Q1
GDP IN
YEAR 2
IN
YEAR 1
PRICES
P 1 x Q2
GDP IN
YEAR 1
IN
YEAR 2
PRICES
P 2 x Q1
GDP IN
YEAR 2
IN
YEAR 2
PRICES
P 2 X Q2
Good A
6
11
$.50
$ .40
$3.00
$5.50
$2.40
$4.40
Good B
7
4
.30
1.00
2.10
1.20
7.00
4.00
Good C
10
12
.70
.90
7.00
8.40
9.00
10.80
$12.10
$15.10
$18.40
$19.20
Total
Nominal GDP
in year 1
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Nominal GDP
in year 2
Karl Case, Ray Fair
Calculating the GDP Price Index (P.406)
• The GDP price index is one measure of the
overall price level.
• The old procedure used by the Bureau of
Economic Analysis (BEA) to estimate
changes in the overall price level used the
quantities produced in a chosen year (the
base year) as weights. But overall price
increases are sensitive to the choice of the
base year. The new procedure, known as
the chained price index, avoids the
problems associated with the use of fixed
weights.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
計算GDP物價指數
• GDP物價指數 是用來衡量所有物價水
準的指標。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
The Problems of Fixed Weights (P.406)
The use of fixed price weights to
estimate real GDP leads to problems
because it ignores:
1. Structural changes in the economy.
2. Supply shifts, which cause large
decreases in price and large increases in
quantity supplied.
3. The substitution effect of price increases.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
固定加權的問題
• 使用固定物價權數來推估真實GDP會
引起一些問題，因為它忽略：
• 1.經濟體系結構的改變。
• 2.供給的移動，會引起價格大幅下降
及供給量大幅增加。
• 3.價格上升的替代效果。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
GDP概念的限制
• 當犯罪事件下降，社會會變的好些。但
是犯罪的下降並不能反映在GDP上。
• 休閒時間的增加，顯示社會的福利提高，
可是卻無法計入GDP中。
• 一些非市場經濟活動，雖然它們也是有
實質生產，但卻無法計入GDP中。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Limitations of the GDP Concept (P.407)
• GDP accounting rules do not adjust
for production that pollutes the
environment.
• GDP has nothing to say about the
distribution of output. Redistributive
income policies have no direct
impact on GDP.
• GDP is neutral to the kinds of goods
an economy produces.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
GDP概念的限制
• 生產所造成的環境污染無法從GDP計算
中扣除。
• GDP 中也無法看出產出量的分配狀況。
所得重分配政策對GDP無直接的衝擊。
• 一個經濟體系中所生產的財貨種類，也
無法從GDP中顯示出來。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
The Underground Economy (P.408)
• The underground economy is the
part of an economy in which
transactions take place and in which
income is generated that is
unreported and therefore not
counted in GDP.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
地下經濟
• 地下經濟 是屬於經濟體系的一個部分，
但由於它是違法或難於評估所以不計
入GDP。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Per Capita GDP/GNP (P.409)
• Per capita GDP or GNP measures a
country’s GDP or GNP divided by its
population.
• Per capita GDP is a better measure
of well-being for the average person
that its total GDP or GNP.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
平均每人GDP或GNP
• 平均每人GDP或GNP是一國的總GDP
或GNP被該國的人口數來除。
• 對個人而言，平均每人GDP的估計要
比總GDP或GNP來得好。
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair
Per Capita GDP/GNP (P.409)
Per Capita GNP for Selected Countries, 1998
COUNTRY
U.S. DOLLARS
COUNTRY
U.S. DOLLARS
40,080
34,330
33,260
32,380
29,340
26,850
25,850
25,620
25,380
24,940
24,760
24,110
21,400
20,300
20,250
20,020
18,340
15,940
14,080
11,650
Portugal
Argentina
South Korea
Czech Republic
Brazil
Mexico
Turkey
South Africa
Colombia
Jordan
Romania
Philippines
China
Indonesia
Pakistan
India
Rwanda
Nepal
Ethiopia
10,690
8,970
7,970
5,040
4,570
3,970
3,160
2,880
2,600
1,520
1,390
1,050
750
680
480
430
230
210
100
Switzerland
Norway
Denmark
Japan
United States
Austria
Germany
Sweden
Belgium
France
Netherlands
Finland
United Kingdom
Australia
Italy
Canada
Ireland
Israel
Spain
Greece
Source: The World Bank Atlas, 2000.
© 2002 Prentice Hall Business Publishing
Principles of Economics, 6/e
Karl Case, Ray Fair