Tóm tắt kiến thức kinh tế vĩ mô

Chương 1: GDP and economic growth

 GDP or gross domestic product is the market value of all final goods and
services produced in a country in a given time period
 4 Parts : + market value : goods and services are valued at their market prices
+ Final goods and services: : is an item bought by its final user
during a specified time period
+ Produced within a country: GDP measures production within a
country—domestic production.
+ In a given time period: GDP measures production during a
specific time period, normally a year or a quarter of a year. ( quarter =1 quý)
 GDP measures the value of production, GDP = total expenditure on final
good and total income
 Households sell and firms buy the services of labor, capital, and land in
factor markets.
 Firms pay wages for labor services, interest for the use of capital, and rent
for the use of land.
 Firms sell and households buy consumer goods and services in the goods
market
Consumption expenditure( chi tiêu C
tiêu dùng) is the total payment for
consumer goods and services
Investment( đầu tư) I
Governments G
Exports X
imports M
Net exports X-M

If net exports are positive, the net

flow of goods and services is from
U.S. firms to the rest of the world.

If net exports are negative, the net

flow of goods and services is from
the rest of the world to U.S. firms.
GDP equal expenditure equals GDP= C+I+G+X-M
income
Domestic product is production Nation product the value of goods
within a country. and services produced anywhere in
Gross means before deducting the the world
depreciation of capital.
Depreciation is the decrease in the value of a
firm’s capital that results from wear
and tear and obsolescence.

Gross investment is the total amount spent on

purchases of new capital and on
replacing depreciated capital.

Net investment is the increase in the value of the

firm’s capital
Net investment = Gross investment
− Depreciation.
Real GDP is the value of final goods and
services produced in a given year
when valued at the prices of a
reference base year.
Nominal GDP is the value of goods and services
produced during a given year valued
at the prices that prevailed in that
same year.
potential GDP. The value of real GDP when all the
economy’s labor, capital, land, and
entrepreneurial ability are fully
employed
 Chương 2: Inflation, Unemployment
Unemployment results in
The unemployment rate
The Employment-to-Population Ratio
The Labor Force Participation Rate
Unemployment can be classified into
three types:
The natural unemployment rate
Full employment
Potential GDP
The price level
Unpredictable inflation or deflation is a
problem because it
At its worst, inflation becomes
Lost incomes and production
Lost human capital
is the percentage of the labor force that
is unemployed.
(Number of people unemployed ÷ labor
force) × 100.
is the percentage of the working-age
population who have jobs.
(Employment ÷ Working-age
population) × 100.
the percentage of the working-age
population who are members of the
labor force.
(Labor force ÷ Working-age
population) × 100.
 Frictional unemployment
 Structural unemployment
 Cyclical unemployment
is natural unemployment as a
percentage of the labor force.
is defined as the situation in which the
unemployment rate equals the natural
unemployment rate..
is the quantity of real GDP produced at
full employment.
Real GDP minus potential GDP( tiềm
năng) is the output gap.( khoảng cách
sản lượng)
is the average level of prices and the
value of money.
A persistently rising price level is
called inflation.
A persistently falling price level is
called deflation.
 Redistributes income
 Redistributes wealth
 Lowers real GDP and
employment
 Diverts resources from
production
Inflation rate that is so rapid that
hyperinflation ( siêu lạm phát) workers are paid twice a day because
money loses its value so quickly.
CPI Consumer Price Index, chỉ số giá tiêu
dùng)
CPI = (Cost of basket at current-period
prices ÷ Cost of basket at base-period
prices) x 100.
inflation rate the percentage change in the price
level from one year to the next.
Inflation rate = [(CPI this year – CPI
last year) ÷ CPI last year] × 100.
Chương 3 Economic growth

Economic growth rate is the annual (hàng trăm) percentage

change of real GDP.
Real GDP per person real GDP divided by the population.
Labor productivity ( năng suất ld) the quantity of real GDP produced
by an hour of labor.

Chương 4: Finance, saving and investment

Capital (or physical capital) is the tools, instruments, machines,
buildings, and other items that have
been produced in the past and that are
used today to produce goods and
services.
financial capital. The funds ( quỹ) that firms use to buy
phýical capital
Wealth is the value of all the things that people
own.
Saving is the amount of income that is not paid
in taxes or spent on consumption goods
and services.
Saving increases wealth.

Wealth also increases when the market

value of assets rises—called capital
gains—and decreases when the market
value of assets falls—called capital
losses.
Financial markets + Loan markets
+ Bond markets
+ Stock markets
If net worth is positive, the institution
is solvent and can remain in business.

But if net worth ( gtri ròng) is

negative, the institution is insolvent
and will go out of business.
Funds come from three sources:
Government enters the loanable funds
market when it has a budget surplus or
deficit.
Chương 5: Money, the price level and inflation
Money
Money has three other functions:
Barter
Money is the US consists of
financial innovation
1. Household saving S
2. Government budget surplus (T – G)
3. Borrowing from the rest of the world
(M – X)
A government budget surplus increases
the supply of funds.
A government budget deficit increases
the demand for funds.
+ thặng dư ngân sách của chính phủ
làm tăng cung các quỹ
+ Thâm hụt ngân sách của chính phủ
làm tăng nhu cầu về các quỹ
Is any commodity or token that is
generally acceptable as a means of
payment.
Medium of exchange ( phương tiên
trao đổi)
Unit of account( đơn vị tài khoản)
Store of value( lưu trữ giá trị)
People would need to exchange good
and services directly
Currency: is the notes and coins held
by individuals and business
the development of new
financial products—is to lower the cost
of deposits or to increase the return
from lending.
Two influences on financial innovation
are
+ Economic environment
+Technology
 The money multiplier is the ratio of the change in the
quantity of money to the change in the
monetary base.

GDP Defined

GDP or gross domestic product is the market value of all

final goods and services produced in a country in a given
time period.
Market Value

GDP is a market value—goods and services are valued at

their market prices.
A final good (or service) is an item bought by its final user
during a specified time period.
Produced Within a Country

GDP measures production within a country—domestic

production.

In a Given Time Period

GDP measures production during a specific time period,

normally a year or a quarter of a year.
GDP = C + I + G + X – M.
Y = C + I + G + (X – M).
X – exports
I investment
G government
Depreciation is the decrease in the value of a firm’s
capital that results from wear and tear and obsolescence.

Gross investment is the total amount spent on purchases

of new capital and on replacing depreciated capital.

Net investment is the increase in the value of the firm’s

capital.

Net investment = Gross investment − Depreciation.

Real GDP per person is real GDP divided by the
population.
Two features of our expanding living standard are
The growth of potential GDP per person
Fluctuations of real GDP around potential GDP
The unemployment rate is the percentage of the labor
force that is unemployed.
The unemployment rate is
(Number of people unemployed ÷ labor force) × 100.
The employment-to-population ratio is the percentage
of the working-age population who have jobs.
The employment-to-population ratio is
(Employment ÷ Working-age population) × 100.
The labor force participation rate is the percentage of
the working-age population who are members of the
labor force.
The labor force participation rate is
(Labor force ÷ Working-age population) × 100.
The CPI is calculated using the formula:

CPI = (Cost of basket at current-period prices ÷ Cost of

basket at base-period prices)  100.
The inflation rate is the percentage change in the price level from one year to the
next.
The inflation formula is:
Inflation rate = [(CPI this year – CPI last year) ÷ CPI last
year] × 100.