1 Kitap -Output (goods and services) constitutes a countrys budget constraint.

-Avoid counting the same output more than once (by focusing on the value added aka new output created) -Value added=output created=sales price of a good or service- cost of all nonlabor inputs used to produce it -Expenditure method= sum of all expenditures on final goods and services must be=the total value of national output produced. (karlar toplam=mal fiyat olmal) National output (GDP)=C+I+G+EX-IM C=consumption by households I=investment in productive assets G= government spending on goods and services Income is the payment for the production of output -All international transactions are recorded in a countrys balance of payments statement (BOP) -Current transactions current account (exports, imports) -Financial transactions (capital account) financial account (stocks, bonds) -Capital inflow borrowing, outflow lending C+I+G > GDP buying more output than produces -Current account deficit buys more than it sells -Surplus on financial account capital inflow (dardan) FDI foreign direct investment -Comparative advantage= yapabilitenden ziyade karna bakosun. Mesele to maximize output -Economic Growth= -increases in labor iiler uzun altrlrsa yeni ii gelirse -increases in capital retim kapasitesi artarsa

-increases in the efficiency ayn para ve ii miktaryla daha fazla output -Total factor productivity (TFP) Productivity= output per worker hour Hourly productiviy=
( )

-Actual output can fall short of potential output when demand falters. -Kararlar; expected returns ve cost of borrowinge gore veriliyo. -Capital is derived from output. Bir lkenin zenginlii GDP per capita ya bal. (output per person) IRA=individual retirement accounts. To increase national savings to reduce national consumption, to devote more of nations precious output to investment in productive assets. Slide 1 -Consume -Invest -Lend or borrow oran bi lkenin prosperity sini belirlio -Production output retio -nsanlar Invest edio ki ilerde consume, irketler invest edio ki output artrolar -Interest oran senin gemiine falan bako ki ilerde nas dicen diye -Ekonominin amac scarce resources competing needs e nas paylatrcaana karar vermek Bunda da incentive ler rol alo Incentiveleri: -Government policy -Institutions -Future policies and events -Social and cultural environment/norms belirlio.

-GNP gross national product lkelerdeki vatandalar ne kadar retim yapo yabanc lkelerdekiler de var bunda Double counting yapmak istemediin iin all deil final product Outputu lmek iin her retim aamasndaki value added miktar nemli -lmek iin iki yntem var: -value added method: sales price of a good or service retilmesi iin giren btn malzemelerin costu -expenditure method: final good ve servicelerin value su kisi de eit expenditure daha ok kullanlo -rettiin rn ayn olsa da enflasyon yznden fiyat deiebilio -rn yl boyu rafta kalrsa buna private inventory denio -GDP tablosunda eksi olmas ak var demek rettiinden ok alosun -Nondefense eitim isizlere denen para vs. -Financial assets are a claim on future output -Non market goodlarn market value ya da price n belirlemek zor Economic Growth -Capital financial, fiziksel ya da insan capitali olabilir. -What causes countries to grow? -Increases in labor force -Increases in stock of capital -Technological progress (efficiency of production) -Growth insanlarn gelecekteki consumptionlar iin imdikinden fedakarlk etmelerinin bir sonucudur.

-Households save from current income => firms invest these savings => creation of capital goods
=> production of output increases => economic growth

-Compounding:

 A dollar invested at r % per year will grow to two dollars in T years, where

1 r 100 T

T ln e 1 r / 100 ln e 2 ln e 2 0.7 and for a small number x, ln e 1 x x

%r ile invest edilen 1 dolar T ylda 2 oluyo. -Population growth ve savings rate bir lkenin growth processinde nemli belirleyiciler. But are subject to diminishing returns. -The Law of Diminishing Returns states that everything else remaining constant, an increase in the quantity of one input in the production process eventually leads to a decline in the quantity of new output produced. -Technological progress diminishing returns u dengeleyebilir -Horizontal innovation zaten var olana ek yaplo (mzikli saat gibi, variety of product) knowledge creation & human capital -Vertical innovation (daktilodan bilgisayara gei, eskisi bitio) research & development Bu yukardakiler ekonomik aktivite asndan positive externalities -Business Cycles: Long term iin GDPde ksa sreli dalgalanmalar -Recession: Ardk iki quarter iin GDP fallas ya da contracts olduunda economic slowdown oluyo buna denio -Consumption is less volatile than income. -Investment is much more volatile than consumption or GDP in the short run. Risk fazla, ok speklasyon var ama marketten ekilen olsa da giren firma da var. Index of Leading Economic Indicators (LEI) 6-9 ay ncesinden ekonomiyi tahmin etmeye alolar. irketler ve devlet baya bi kullanyo bunu. Bu index recessiondan bi yl nce aaa dnyo bitiine yakn da yukar kyo. -The debt-GDP ratio rises during wars and falls during peace-time. -Unemployment neler etkiliyo: -min. wage laws -illegal immigration

-unemployment benefits -irketler efficiencye nem veriyo Slide 2 lkeler aras ticaret: -market size ve distance belirleyici etmen (ne kadar alm satm) -differences in resources: iilik, physical capital, doal kaynaklar, teknoloji -economies of scale (daha bykdaha etkili) Ticaret modelini ne belirliyo? -Ne eit mallar retmeli ve ihra etmeli lkeler? -Comparative advantage teorisi/ opportunity cost r: aLC/aLW