142:
969:
25:
1517:
957:
1504:
Exchange of output between two countries is a very common occurrence, as there is always trade taking place between different nations of the world. For example, Japan may trade its electronics with
Germany for German-made cars. If the value of the trades being made by both the countries is equal at
1485:
In macroeconomics, the question of why national output fluctuates is a very critical one. And though no consensus has developed, there are some factors which economists agree make output go up and down. If we take growth into consideration, then most economists agree that there are three basic
1490:
of the factors of production. Just as increases in usage or effectiveness of factors of production can cause output to go up, anything that causes labour, capital or their effectiveness to go down will cause a decline in output or at least a decline in its rate of growth.
1373:
1667:
1476:
Net output, sometimes called netput, is a quantity, in the context of production, that is positive if the quantity is output by the production process and negative if it is an input to the production process.
1160:
1468:
1069:
is a quantity, in the context of production, that is positive if the quantity is output by the production process and negative if it is an input to the production process.
1280:
1082:
The profit-maximizing output condition for producers equates the relative marginal cost of any two goods to the relative selling price of those goods; i.e.
1181:
When a particular quantity of output is produced, an identical quantity of income is generated because the output belongs to someone. Thus we have the
1473:
Output is the result of an economic process that has used inputs to produce a product or service that is available for sale or use somewhere else.
1662:
1551:
999:
931:
1031:
in a given time period, within a given economic network, whether consumed or used for further production. The economic network may be a
1505:
that point of time, then their trade accounts would be balanced: the exports would be exactly equal to imports in both the countries.
1087:
1388:
1556:
89:
61:
1185:
that output equals income (where an identity is an equation that is always true regardless of the values of any variables).
1165:
42:
68:
1566:
1531:
1718:
1697:
108:
75:
992:
46:
1522:
330:
57:
592:
1486:
sources for economic growth: an increase in labour usage, an increase in capital usage and an increase in
941:
161:
151:
985:
935:
465:
455:
1253:
Likewise, income can be sub-divided according to the uses to which it is put – consumption spending,
345:
914:
652:
607:
460:
229:
173:
667:
1624:
1379:
1189:
617:
425:
415:
375:
365:
272:
195:
35:
1591:
1546:
1378:
where the triple-bar sign denotes an identity. This identity is distinct from the goods market
1182:
1028:
787:
632:
370:
310:
267:
214:
1689:
1682:
1368:{\displaystyle C+I_{\text{planned inven}}+I_{\text{unplanned inven}}+I_{f}+G+X-M\equiv C+S+T,}
82:
1571:
1536:
921:
602:
577:
562:
420:
360:
340:
335:
1649:
1581:
672:
494:
445:
410:
350:
315:
219:
209:
156:
8:
1644:
1202:
1188:
Output can be sub-divided into components based on whose demand has generated it – total
1025:
898:
707:
529:
470:
395:
385:
355:
282:
190:
567:
1684:
A Concise Guide To Macro
Economics What Managers, Executives, and Students Need to Know
1586:
926:
882:
687:
524:
519:
499:
450:
390:
380:
325:
320:
292:
287:
257:
125:
1693:
1640:
1601:
1056:
817:
792:
702:
582:
539:
475:
440:
430:
262:
224:
180:
742:
1274:
Since output identically equals income, the above leads to the following identity:
1239:
867:
812:
797:
782:
767:
697:
677:
657:
612:
485:
435:
405:
400:
1168:, which would give the rate at which society can transform one good into another.
1059:
to produce a product or service that is available for sale or use somewhere else.
747:
1036:
961:
872:
837:
802:
737:
662:
647:
534:
509:
504:
480:
252:
247:
1620:
1382:
condition, which is satisfied when unplanned inventory investment equals zero:
1040:
892:
877:
842:
827:
807:
777:
597:
514:
204:
200:
627:
1712:
1487:
857:
847:
822:
762:
757:
752:
732:
722:
692:
682:
587:
490:
1238:
resulting from incorrect predictions of consumer and government demand, and
1195:
by members of the public (including on imported goods) minus imported goods
141:
1596:
1541:
973:
887:
832:
727:
717:
712:
637:
185:
1688:. United States Of America: Harvard Business Press, 2007. 2007. pp.
862:
852:
642:
277:
1043:. It is national output that makes a country rich, not large amounts of
16:
Quantity or quality of goods or services produced in a given time period
1561:
772:
572:
1013:
622:
553:
133:
1164:
One may also deduce the ratio of marginal costs as the slope of the
24:
1217:
1516:
1263:
1155:{\displaystyle {\frac {MC_{1}}{MC_{2}}}={\frac {P_{1}}{P_{2}}}}
956:
1576:
1463:{\displaystyle C+I_{\text{planned inven}}+I_{f}+G+X-M=C+S+T.}
1254:
1044:
1021:
1032:
1055:
Output is the result of an economic process that has used
1262:
paid, and the portion of income neither taxed nor spent (
1201:(the difference being consumption of domestic output),
1391:
1283:
1090:
1512:
1668:
Macro-development economics: an analytical approach
1499:
49:. Unsourced material may be challenged and removed.
1681:
1462:
1367:
1154:
1710:
1629:Deardorff Glossary of International Economics
993:
1552:List of countries by GDP sector composition
1494:
1000:
986:
1480:
109:Learn how and when to remove this message
1711:
1653:, 18th ed., under "Glossary of Terms."
1557:Measures of national income and output
1035:, industry, or nation. The concept of
1176:
47:adding citations to reliable sources
18:
1229:, unplanned inventory accumulation
1077:
13:
1567:Outline of industrial organization
1532:Cost-of-production theory of value
14:
1730:
1674:
1220:, planned inventory accumulation
1171:
1072:
1515:
1500:Exchange of output among nations
967:
955:
140:
23:
1166:production–possibility frontier
1020:is the quantity and quality of
242:Concepts, theory and techniques
34:needs additional citations for
1656:
1634:
1614:
1211:, domestically produced goods
1:
1523:Business and economics portal
1050:
1039:is essential in the field of
7:
1508:
1250:on machinery and the like.
10:
1735:
1719:Macroeconomic aggregates
1608:
230:JEL classification codes
1495:International economics
416:Industrial organization
273:Computational economics
58:"Output" economics
1592:Production (economics)
1547:Gross domestic product
1481:Fluctuations in output
1464:
1369:
1156:
268:Experimental economics
1572:Outline of production
1537:Factors of production
1465:
1370:
1157:
1582:Prices of production
1389:
1281:
1218:bought by foreigners
1088:
495:Social choice theory
43:improve this article
1645:William D. Nordhaus
1065:, sometimes called
962:Business portal
283:Operations research
263:National accounting
1587:Pricing strategies
1460:
1365:
1177:Relation to income
1152:
293:Industrial complex
288:Middle income trap
1641:Paul A. Samuelson
1602:Social metabolism
1405:
1310:
1297:
1209:by the government
1150:
1123:
1010:
1009:
119:
118:
111:
93:
1726:
1704:
1703:
1687:
1678:
1672:
1660:
1654:
1638:
1632:
1618:
1525:
1520:
1519:
1469:
1467:
1466:
1461:
1420:
1419:
1407:
1406:
1403:
1374:
1372:
1371:
1366:
1325:
1324:
1312:
1311:
1308:
1299:
1298:
1295:
1270:
1261:
1249:
1240:fixed investment
1237:
1228:
1216:
1208:
1200:
1161:
1159:
1158:
1153:
1151:
1149:
1148:
1139:
1138:
1129:
1124:
1122:
1121:
1120:
1107:
1106:
1105:
1092:
1078:Output condition
1002:
995:
988:
974:Money portal
972:
971:
970:
960:
959:
456:Natural resource
248:Economic systems
144:
121:
120:
114:
107:
103:
100:
94:
92:
51:
27:
19:
1734:
1733:
1729:
1728:
1727:
1725:
1724:
1723:
1709:
1708:
1707:
1700:
1680:
1679:
1675:
1661:
1657:
1639:
1635:
1619:
1615:
1611:
1606:
1521:
1514:
1511:
1502:
1497:
1483:
1415:
1411:
1402:
1398:
1390:
1387:
1386:
1320:
1316:
1309:unplanned inven
1307:
1303:
1294:
1290:
1282:
1279:
1278:
1266:
1257:
1247:
1242:
1235:
1234:unplanned inven
1230:
1226:
1221:
1212:
1204:
1196:
1179:
1174:
1144:
1140:
1134:
1130:
1128:
1116:
1112:
1108:
1101:
1097:
1093:
1091:
1089:
1086:
1085:
1080:
1075:
1053:
1037:national output
1006:
968:
966:
954:
947:
946:
917:
907:
906:
905:
904:
668:von Böhm-Bawerk
556:
545:
544:
306:
298:
297:
253:Economic growth
243:
235:
234:
176:
174:classifications
115:
104:
98:
95:
52:
50:
40:
28:
17:
12:
11:
5:
1732:
1722:
1721:
1706:
1705:
1698:
1673:
1655:
1633:
1621:Alan Deardorff
1612:
1610:
1607:
1605:
1604:
1599:
1594:
1589:
1584:
1579:
1574:
1569:
1564:
1559:
1554:
1549:
1544:
1539:
1534:
1528:
1527:
1526:
1510:
1507:
1501:
1498:
1496:
1493:
1482:
1479:
1471:
1470:
1459:
1456:
1453:
1450:
1447:
1444:
1441:
1438:
1435:
1432:
1429:
1426:
1423:
1418:
1414:
1410:
1401:
1397:
1394:
1376:
1375:
1364:
1361:
1358:
1355:
1352:
1349:
1346:
1343:
1340:
1337:
1334:
1331:
1328:
1323:
1319:
1315:
1306:
1302:
1293:
1289:
1286:
1245:
1233:
1224:
1178:
1175:
1173:
1172:Macroeconomics
1170:
1147:
1143:
1137:
1133:
1127:
1119:
1115:
1111:
1104:
1100:
1096:
1079:
1076:
1074:
1073:Microeconomics
1071:
1052:
1049:
1041:macroeconomics
1008:
1007:
1005:
1004:
997:
990:
982:
979:
978:
977:
976:
964:
949:
948:
945:
944:
939:
929:
924:
918:
913:
912:
909:
908:
903:
902:
895:
890:
885:
880:
875:
870:
865:
860:
855:
850:
845:
840:
835:
830:
825:
820:
815:
810:
805:
800:
795:
790:
785:
780:
775:
770:
765:
760:
755:
750:
745:
740:
735:
730:
725:
720:
715:
710:
705:
700:
695:
690:
685:
680:
675:
670:
665:
660:
655:
650:
645:
640:
635:
630:
625:
620:
615:
610:
605:
600:
595:
590:
585:
580:
575:
570:
565:
559:
558:
557:
551:
550:
547:
546:
543:
542:
537:
532:
527:
522:
517:
512:
507:
502:
497:
488:
483:
478:
473:
468:
463:
461:Organizational
458:
453:
448:
443:
438:
433:
428:
423:
418:
413:
408:
403:
398:
393:
388:
383:
378:
373:
368:
363:
358:
353:
348:
343:
338:
333:
328:
323:
318:
313:
307:
305:By application
304:
303:
300:
299:
296:
295:
290:
285:
280:
275:
270:
265:
260:
255:
250:
244:
241:
240:
237:
236:
233:
232:
227:
222:
217:
212:
207:
198:
193:
188:
183:
177:
171:
170:
167:
166:
165:
164:
159:
154:
146:
145:
137:
136:
130:
129:
117:
116:
99:September 2013
31:
29:
22:
15:
9:
6:
4:
3:
2:
1731:
1720:
1717:
1716:
1714:
1701:
1699:9781422101797
1695:
1691:
1686:
1685:
1677:
1670:
1669:
1664:
1659:
1652:
1651:
1646:
1642:
1637:
1630:
1626:
1622:
1617:
1613:
1603:
1600:
1598:
1595:
1593:
1590:
1588:
1585:
1583:
1580:
1578:
1575:
1573:
1570:
1568:
1565:
1563:
1560:
1558:
1555:
1553:
1550:
1548:
1545:
1543:
1540:
1538:
1535:
1533:
1530:
1529:
1524:
1518:
1513:
1506:
1492:
1489:
1488:effectiveness
1478:
1474:
1457:
1454:
1451:
1448:
1445:
1442:
1439:
1436:
1433:
1430:
1427:
1424:
1421:
1416:
1412:
1408:
1404:planned inven
1399:
1395:
1392:
1385:
1384:
1383:
1381:
1362:
1359:
1356:
1353:
1350:
1347:
1344:
1341:
1338:
1335:
1332:
1329:
1326:
1321:
1317:
1313:
1304:
1300:
1296:planned inven
1291:
1287:
1284:
1277:
1276:
1275:
1272:
1269:
1265:
1260:
1256:
1251:
1248:
1241:
1236:
1227:
1225:planned inven
1219:
1215:
1210:
1207:
1199:
1194:
1191:
1186:
1184:
1169:
1167:
1162:
1145:
1141:
1135:
1131:
1125:
1117:
1113:
1109:
1102:
1098:
1094:
1083:
1070:
1068:
1064:
1060:
1058:
1048:
1046:
1042:
1038:
1034:
1030:
1027:
1023:
1019:
1015:
1003:
998:
996:
991:
989:
984:
983:
981:
980:
975:
965:
963:
958:
953:
952:
951:
950:
943:
940:
937:
933:
930:
928:
925:
923:
920:
919:
916:
911:
910:
901:
900:
896:
894:
891:
889:
886:
884:
881:
879:
876:
874:
871:
869:
866:
864:
861:
859:
856:
854:
851:
849:
846:
844:
841:
839:
836:
834:
831:
829:
826:
824:
821:
819:
816:
814:
811:
809:
806:
804:
801:
799:
796:
794:
791:
789:
786:
784:
781:
779:
776:
774:
771:
769:
766:
764:
761:
759:
756:
754:
751:
749:
746:
744:
741:
739:
736:
734:
731:
729:
726:
724:
721:
719:
716:
714:
711:
709:
706:
704:
701:
699:
696:
694:
691:
689:
686:
684:
681:
679:
676:
674:
671:
669:
666:
664:
661:
659:
656:
654:
651:
649:
646:
644:
641:
639:
636:
634:
631:
629:
626:
624:
621:
619:
616:
614:
611:
609:
606:
604:
601:
599:
596:
594:
591:
589:
586:
584:
581:
579:
576:
574:
571:
569:
566:
564:
563:de Mandeville
561:
560:
555:
549:
548:
541:
538:
536:
533:
531:
528:
526:
523:
521:
518:
516:
513:
511:
508:
506:
503:
501:
498:
496:
492:
491:Public choice
489:
487:
484:
482:
479:
477:
474:
472:
469:
467:
466:Participation
464:
462:
459:
457:
454:
452:
449:
447:
444:
442:
439:
437:
434:
432:
429:
427:
426:Institutional
424:
422:
419:
417:
414:
412:
409:
407:
404:
402:
399:
397:
394:
392:
389:
387:
384:
382:
379:
377:
376:Expeditionary
374:
372:
369:
367:
366:Environmental
364:
362:
359:
357:
354:
352:
349:
347:
344:
342:
339:
337:
334:
332:
329:
327:
324:
322:
319:
317:
314:
312:
309:
308:
302:
301:
294:
291:
289:
286:
284:
281:
279:
276:
274:
271:
269:
266:
264:
261:
259:
256:
254:
251:
249:
246:
245:
239:
238:
231:
228:
226:
223:
221:
218:
216:
213:
211:
208:
206:
202:
199:
197:
196:International
194:
192:
189:
187:
184:
182:
179:
178:
175:
172:Branches and
169:
168:
163:
160:
158:
155:
153:
150:
149:
148:
147:
143:
139:
138:
135:
132:
131:
127:
123:
122:
113:
110:
102:
91:
88:
84:
81:
77:
74:
70:
67:
63:
60: –
59:
55:
54:Find sources:
48:
44:
38:
37:
32:This article
30:
26:
21:
20:
1683:
1676:
1666:
1658:
1648:
1636:
1628:
1616:
1597:Productivity
1542:Gross output
1503:
1484:
1475:
1472:
1377:
1273:
1267:
1258:
1252:
1243:
1231:
1222:
1213:
1205:
1197:
1192:
1187:
1180:
1163:
1084:
1081:
1066:
1062:
1061:
1054:
1017:
1011:
932:Publications
897:
520:Sociological
493: /
391:Geographical
371:Evolutionary
346:Digitization
311:Agricultural
215:Mathematical
186:Econometrics
105:
96:
86:
79:
72:
65:
53:
41:Please help
36:verification
33:
1380:equilibrium
1190:consumption
768:von Neumann
421:Information
361:Engineering
341:Development
336:Demographic
278:Game theory
220:Methodology
1562:Net output
1063:Net output
1051:Definition
927:Economists
798:Schumacher
703:Schumpeter
673:von Wieser
593:von ThĂĽnen
554:economists
530:Statistics
525:Solidarity
446:Managerial
411:Humanistic
406:Historical
351:Ecological
316:Behavioral
210:Mainstream
69:newspapers
1663:H.L Ahuja
1650:Economics
1434:−
1345:≡
1339:−
1203:spending
1014:economics
843:Greenspan
808:Samuelson
788:Galbraith
758:Tinbergen
698:von Mises
693:Heckscher
653:Edgeworth
471:Personnel
431:Knowledge
396:Happiness
386:Financial
356:Education
331:Democracy
225:Political
191:Heterodox
134:Economics
1713:Category
1665:(1978).
1647:(2004).
1509:See also
1183:identity
1029:produced
1026:services
936:journals
922:Glossary
873:Stiglitz
838:Rothbard
818:Buchanan
803:Friedman
793:Koopmans
783:Leontief
763:Robinson
648:Marshall
552:Notable
500:Regional
476:Planning
451:Monetary
381:Feminist
326:Cultural
321:Business
126:a series
124:Part of
942:Schools
934: (
893:Piketty
888:Krugman
753:Kuznets
743:Kalecki
718:Polanyi
608:Cournot
603:Bastiat
588:Ricardo
578:Malthus
568:Quesnay
540:Welfare
510:Service
181:Applied
157:Outline
152:History
83:scholar
1696:
1625:output
1264:saving
1067:netput
1057:inputs
1018:output
878:Thaler
858:Ostrom
853:Becker
848:Sowell
828:Baumol
733:Myrdal
728:Sraffa
723:Frisch
713:Knight
708:Keynes
683:Fisher
678:Veblen
663:Pareto
643:Menger
638:George
633:Jevons
628:Walras
618:Gossen
486:Public
481:Policy
436:Labour
401:Health
258:Market
85:
78:
71:
64:
56:
1609:Notes
1577:Price
1255:taxes
1045:money
1022:goods
915:Lists
883:Hoppe
868:Lucas
833:Solow
823:Arrow
813:Simon
778:Lange
773:Hicks
748:Röpke
738:Hayek
688:Pigou
658:Clark
573:Smith
535:Urban
515:Socio
505:Rural
205:Macro
201:Micro
162:Index
90:JSTOR
76:books
1694:ISBN
1643:and
1033:firm
899:more
623:Marx
613:Mill
598:List
62:news
1690:189
1271:).
1024:or
1012:In
863:Sen
583:Say
441:Law
45:by
1715::
1692:.
1627:,
1623:.
1047:.
1016:,
203:/
128:on
1702:.
1671:.
1631:.
1458:.
1455:T
1452:+
1449:S
1446:+
1443:C
1440:=
1437:M
1431:X
1428:+
1425:G
1422:+
1417:f
1413:I
1409:+
1400:I
1396:+
1393:C
1363:,
1360:T
1357:+
1354:S
1351:+
1348:C
1342:M
1336:X
1333:+
1330:G
1327:+
1322:f
1318:I
1314:+
1305:I
1301:+
1292:I
1288:+
1285:C
1268:S
1259:T
1246:f
1244:I
1232:I
1223:I
1214:X
1206:G
1198:M
1193:C
1146:2
1142:P
1136:1
1132:P
1126:=
1118:2
1114:C
1110:M
1103:1
1099:C
1095:M
1001:e
994:t
987:v
938:)
112:)
106:(
101:)
97:(
87:·
80:·
73:·
66:·
39:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
