CHAPTER Taking an Economic Pulse: Measuring National Output Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-1 Gross Domestic Product versus Gross National Product Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-2 The Resource Market: Supply and Demand for Resources in the Circular Flow Diagram Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-3 A Helpful Way to Conceptualize the Resource Market Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-4 The Real Goods and Services Market: Supply and Demand for Real Goods and Services in the Circular Flow Diagram Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-5 Supply and Demand in the Product Market and Resource Market of the Circular Flow Diagram Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-6 Personal Consumption Expenditures: One Component of a Nation’s Demand Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-7 U.S Net Exports of Goods and Services: 1960–2005 Source: U.S Department of Commerce, Bureau of Economic Analysis, data from Federal Reserve Bank of St Louis, Economic Data—FRED, http://research.stlouisfed.org/fred2/series/BOPBGS/downloaddata (accessed January 3, 2006) Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-8 Macroeconomic Equilibrium: Desired Demand Equals Desired Production Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-9 Leakages of Saving from the Circular Flow Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-10 Macroeconomic Leakages Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-11 Macroeconomic Leakages and Injections Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-12 Macroeconomic Equilibrium II: Desired Leakages Equal Desired Injections Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-13 Using the Circular Flow to Explain a Recession Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-14 Using the Circular Flow to Explain a Recession Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-15 Using the Circular Flow to Explain a Recession Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved ... Exhibit 2-4 The Real Goods and Services Market: Supply and Demand for Real Goods and Services in the Circular Flow Diagram Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved... South-Western, a part of Cengage Learning All rights reserved Exhibit 2-14 Using the Circular Flow to Explain a Recession Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved... Supply and Demand in the Product Market and Resource Market of the Circular Flow Diagram Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 2-6 Personal Consumption