Parsing gross domestic product발음듣기
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Parsing gross domestic product
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[Narrator] In the last video we took a look at what is probably the simplest possible economy and it's not even clear that this economy is even possible; this one person economy.발음듣기
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In this one island this guy set up a firm and he essentially leashed out all of the factors of production to that firm, including his own labor.발음듣기
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He leased it out, the rent on his labor is essentially his wages and then he bought all of the goods and services he needed from that same firm.발음듣기
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So, his expenditures would be the revenue of that firm and then the revenue of that firm would be turned into the expenses and the profit of the firm, so whatever the revenue wasn't used in expenses ended up being profit.발음듣기
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When we talked about how we would measure the economic activity in this island right over here, how would we measure its gross domestic product, we said, well look we could measure it in multiple different ways.발음듣기
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As it's leaving his hands, the dollars that is going to the firm, you could view it as the total expenditures, or as it's approaching the firm that's the same thing as the total revenue for this firm, total revenue for this simplified, one firm economy.발음듣기
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The way we looked at it in the last video, in the very simple example, GDP was equal to household, household expenditures which was equal to firm, firm revenues which was equal to firm expenses, expenses plus profit, which is equal to household income.발음듣기
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And of course household income is then, at least in this case right over here, it ended up being equal to household expenses.발음듣기
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Let's extend it to a more complex economy, to the world we live in and with that I want to look at the more formal definition for GDP.발음듣기
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This is the more formal definition of GDP, or I guess you could say the definition of GDP and it's the market value of all final goods and services, and we're going to talk about what each of these things mean ... of all, of all final goods and services.발음듣기
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... all final goods and services produced within a country, produced within a country in a given period.발음듣기
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You can have a GDP for a month, you could have a GDP for a quarter of a year which would be three months or you could have the GDP in a given year.발음듣기
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I guess you could even have GDP over a 10 year period, but it tends to be we always think of GDP in terms of annual GDP or quarterly GDP or sometimes even ...발음듣기
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What this is saying is we need someway to measure what we've produced and the best way we can do it is say, how much benefit are people getting and what they're willing to pay for it in the market is the best way that we can measure how much benefit they're actually getting out of it.발음듣기
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For example, if someone in the year, I don't know, if an avocado was produced, if an avocado is produced in some farm and also an orange is produced, and an orange is produced, we won't say that for each of these, we won't say, oh GDP is increased to buy one fruit we'd look at the market value for it.발음듣기
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If the market value of this avocado is $1 and the market value of this orange is 0.50 cents then by producing this fruit the GDP has increased by 0.50 cents by producing this avocado its GDP has increased by a dollar.발음듣기
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In the next year, maybe there's whatever, demand for avocado's goes down or whatever and people pay less for it and the market value of an incremental avocado is 0.50 cents, then in the next year even though the actual number of fruit that was produced is the same as the previous year, now all of a sudden the contribution from avocado's might be the same as a contribution from oranges.발음듣기
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Then we can focus on this all, the market value of all goods and services, all goods and services.발음듣기
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We would do all the different avocado's and oranges, but we would do computers, we would do cars, we would do tires, and we're doing services, so if you have help at home, if you go to the doctor; the market value of all of those things are going to be put in to GDP.발음듣기
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Some would argue that maybe it should be kept track of in some way, that you have this kind of black market in things, but you're not keeping track of illegal, (writing) illegal activity.발음듣기
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And you're also not keeping track of goods and services that are produced within the household and consumed within the household.발음듣기
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For example, if you hire an outside person to babysit your child that would be considered part of GDP, that is a service that you are paying for, but if you, yourself, are babysitting your children that is not going to be considered in GDP.발음듣기
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If I start a lawn-mowing business and I go mow other people's lawns, or maybe before my wife and I were dating, she used to pay me to mow my lawns then it would be included in GDP, but maybe once we get married I just mow her lawn because we're in the same family now then it will not be included in GDP.발음듣기
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All does include pretty much everything that can be tracked, anything where there is an exchange of money, there's some payment between two parties for that good or service.발음듣기
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Now a really interesting thing and this is something I used to find confusing when I first got exposed to GDP, is the whole notion of final goods and services.발음듣기
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You have a cotton farmer, a cotton farmer and there's some service that needs to be performed so whatever some farming, some labor that needs to be performed.발음듣기
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With that, there's going to be some electricity and things like that, but we won't count all of it.발음듣기
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That raw cotton is worth, the market value of that raw cotton is worth, let's say it's worth $10.발음듣기
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Then you can take that raw cotton and you could combine it with some more labor (writing) with some more labor so let's say you combine that with another, I don't know, $6 of labor.발음듣기
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(writing) $6 of labor and it would also probably require some machinery and electricity and things like that, but I won't factor all of those things in just now.발음듣기
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If I do that, if I combine the $10, this intermediate good with the $6 of labor then all of a sudden I can produce cotton thread.발음듣기
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I can take that $20 thread and I can put in some more labor, maybe I can take $10 of labor (writing) $10 of labor and then I can essentially create, it will essentially create $30 worth of, $30 of cotton fabric.발음듣기
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Then I can take that $30 worth of cotton fabric (writing) $30 worth of cotton fabric plus some more labor, let's say another $5 of labor.발음듣기
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In the process I can create, I can create the market value, let's say this is $50 worth of blue jeans.발음듣기
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So the period for this one I'll assume the period is a year, so it's all happening over the course of the period in question.발음듣기
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If we didn't have the word final here, we just had the market value of all goods and services then we would add this $5 to this $4 to this $10 to this $6 and because of the production of this jeans we would get a very, very large number, a very, very large contribution to GDP.발음듣기
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But that would be, not even double counting that would be triple, or quadrupling, or quintuple counting the value that's actually being created because all of this value is essentially being created for in this end $50.발음듣기
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The actual contribution to GDP you would only put the final good, so you wouldn't include all of these other intermediary goods and services, you would just say this whole chain of event results in a $50 increase in GDP.발음듣기
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In another video we'll talk about what happens if they don't get to this point during the course of the year, if we just stop at one of the intermediary goods.발음듣기
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GDP says, let's say we're talking about the United States, that's my best attempt at drawing the United States.발음듣기
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GDP says look, if it was produced inside the country, if it was produced inside the country, we don't care who it was produced by.발음듣기
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It could have been produced by someone from Mexico, or it could have been produced by someone from Canada, it could have been a factory that's owned by the Chinese, but if it was produced within the borders of the United States it gets counted as GDP.발음듣기
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If an American, if an American who's an American national goes overseas and produces something, that is not counted as GDP.발음듣기
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If an American owns a firm in another country and that firm in the other country produces something, that is not the GDP.발음듣기
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Not to confuse things, but if you wanted to focus on GNP then you do care about the earnings of American nationals and so you wouldn't count the Canadian, but you would include the American who's making money overseas.발음듣기
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