宏观经济学 第三章 经典.ppt

Part ANational Income: Where it Comes From and Where it Goes In this chapter, you will learn… what determines the economy’s total output/income how the prices of the factors of production are determined how total income is distributed what determines the demand for goods and services how equilibrium in the goods market is achieved The Circular Flow of Dollars Through the Economy Outline of model A closed economy, market-clearing model Supply side factor markets (supply, demand, price) determination of output/income Demand side determinants of C, I, and G Equilibrium goods market loanable funds market 3.1 Factors of production K = capital: tools, machines, and structures used in production L = labor: the physical and mental efforts of workers The production function denoted Y = F(K, L) shows how much output (Y ) the economy can produce fromK units of capital and L units of labor reflects the economy’s level of technology exhibits constant returns to scale Determining output we assume that the supplies of capital and labor and the technology are fixed, output is also fixed 3.2 The distribution of national income The distribution of national income is determined by factor prices. factor prices the prices per unit that firms pay for the factors of production Wage price of L rental rate price of K How a Factor of Production Is Compensated Notation Assumption concepts W = 名义工资（ nominal wage ） R = 名义租金率（ nominal rental rate ） P = 产出的价格（ price of output ） W /P = 实际工资（ real wage which measured in units of goods rather than in dollars R /P = 实际租金（ real rental rate which measured in units of goods ） Assumption A competitive firm Facing a given W, R and P 1. Demand for labor Marginal Product of Labor (MPL ) The extra output the firm can produce using an additional unit of labor (holding other inputs fixed): MPL = F (K, L +1) – F (K, L) 导数形式 MPL and the production function Exercise : Which of these production functions have diminishing marginal retu