The document discusses three approaches to calculating gross domestic product (GDP): the expenditure approach, the production approach, and the income approach. It provides details on how GDP is calculated using each method and the key components involved, such as private consumption, government spending, exports/imports, value of outputs, intermediate consumption, wages, corporate profits, and more. GDP can be measured as the total market value of goods and services produced within a country in a given period using these three approaches, which should provide the same result.
Gandhi Special Tubes Limited is engaged in manufacturing and marketing of welded and seamless steel tubes of different sizes and specifications and cold formed Coupling Nuts
A Comparative Study between Public and Private Housing Finance Companies (HFC...Dr. Amarjeet Singh
A house is a basic necessity, a symbol of security, and
a measure of socioeconomic status and pride. In India the
policy reforms in the housing sector have led to an increase in
the number of banking and non-banking financial institutions
providing different types of housing finance services. In this
regard, the public (HFCs) and private HFCs are operating at
different levels to provide housing finances to all the sections
of society. The present study is an attempt to comparatively
analyze the financial performance of five public HFCs and five
private HFCs in India for the period of 2009-2018. The
collected data were analyzed using descriptive statistics in the
form of means and a student t-test was conducted to compare
the performance of public and private HFCs with regard to
various financial ratios. The result showed that profitability,
and operating ratios significantly influenced the financial
performance of public and private HFCs. The present study
calls for regulatory measures and policy reforms to improve
the profitability and operating efficiency of both public and
private HFCs. This study has an implication in improving the
housing finance sector from the perspective of Indian HFCs.
Thousands of employers are turning to human resources outsourcing firms and Professional Employer Organizations (PEOs) as a way to cut employment costs, reduce HR risks and improve efficiencies. This is according to a new white paper entitled “Preparing for the Rebound: How Human Resources Outsourcing Can Help Business Through Uncertain Economic Times.”
Gandhi Special Tubes Limited is engaged in manufacturing and marketing of welded and seamless steel tubes of different sizes and specifications and cold formed Coupling Nuts
A Comparative Study between Public and Private Housing Finance Companies (HFC...Dr. Amarjeet Singh
A house is a basic necessity, a symbol of security, and
a measure of socioeconomic status and pride. In India the
policy reforms in the housing sector have led to an increase in
the number of banking and non-banking financial institutions
providing different types of housing finance services. In this
regard, the public (HFCs) and private HFCs are operating at
different levels to provide housing finances to all the sections
of society. The present study is an attempt to comparatively
analyze the financial performance of five public HFCs and five
private HFCs in India for the period of 2009-2018. The
collected data were analyzed using descriptive statistics in the
form of means and a student t-test was conducted to compare
the performance of public and private HFCs with regard to
various financial ratios. The result showed that profitability,
and operating ratios significantly influenced the financial
performance of public and private HFCs. The present study
calls for regulatory measures and policy reforms to improve
the profitability and operating efficiency of both public and
private HFCs. This study has an implication in improving the
housing finance sector from the perspective of Indian HFCs.
Thousands of employers are turning to human resources outsourcing firms and Professional Employer Organizations (PEOs) as a way to cut employment costs, reduce HR risks and improve efficiencies. This is according to a new white paper entitled “Preparing for the Rebound: How Human Resources Outsourcing Can Help Business Through Uncertain Economic Times.”
BUSI 223Exercise 6 Instructions1. How much life insurance do y.docxRAHUL126667
BUSI 223
Exercise 6 Instructions
1. How much life insurance do you need? Using the Life Insurance Calculator, enter the information and post your results in the textbox section of the assignment link. You do NOT need to get actual quotes, just see how much you need.
2. Decide which health care plan you would choose. Looking at eHealth Insurance, enter your information (or you can make up information), and then pick 3 companies to compare. Again, you do not need to input personal information. You must only fill in the gender, birth date, tobacco use, college student, and zip code information. Copy and paste the results of the 3 companies that you compared into a Microsoft Word document and attach it in the Module/Week 6 assignment link. Choose the 1 plan that you would suggest and explain why you chose that particular plan.
Submit this assignment by 11:59 p.m. (ET) on Monday of Module/Week 6.
Lecture 2
Chapter 7
Measuring Domestic Output and National Income
Assessing the Economy’s Performance
National income accounting measures economy’s overall performance
Bureau of Economic Analysis compiles National Income and Product Accounts
Assess health of economy
Track long-run course
Formulate policy
National income accounting does for the economy what private accounting would do for an individual household or business. The Bureau of Economic Analysis, an agency of the Department of Commerce, compiles the data and reports it in National Income and Product Accounts. This information is used by economists and policymakers in formulating decisions for the best interest of the nation.
Gross Domestic Product(GDP)
GDP is the dollar value of all final goods and services produced within the borders of a country during a specific period of time.
Measure of aggregate output
Monetary measure
Avoid multiple counting
One way to avoid multiple counting is to include market value of final goods and ignore intermediate goods
Another approach is to count value added
The primary measure of the economy’s performance as a whole is its aggregate output. This is most commonly calculated as Gross Domestic Product, or GDP. GDP is a monetary measure in that everything is valued in dollars. All goods and services produced must be converted into dollar values for GDP to work. To avoid multiple counting of goods, GDP includes only the market value of final goods and ignores intermediate goods, which are goods either purchased for resale or for further processing into final goods. GDP could also avoid multiple counting by counting only the value added at each stage. Value added is the market value of a firm’s output less the value of the inputs that the firm purchased from others.
Intermediate goods are products that are purchased for resale or further processing or manufacturing. Final goods are products that are purchased by their end users.e.g Lettuce, carrots and vinegar in restaurant salads are intermediate goods, restaurant salads are final goods.
Monetary Measu ...
As a manager, discuss how you would use or have used the concepts .docxwraythallchan
As a manager, discuss how you would use or have used the concepts
1) Cost-Volume-Profit Analysis
2) Importance of Profit- cost- volume analysis
3) Variable Costing in Planning
4) Importance of Variable costing
Instrcutions:
1) Original post for two different topics total 600 words
2) 3 Responses to classmates = 450 words total
3) 3 articles/peer reviewed references for one question and 3 Articles/Peer Reviewed references for other question.
4) Citation required in the body.
5) APA format
Response#1(Mahesh)
Cost-Volume-Profit Analysis is observed as the employment of a model that helps in breaking down the complexity that exists between cost of production and operation, quality of goods produced, and the profits generated from the whole undertaking (Lulaj & Iseni, 2018). CVP takes into consideration the influence each aspect of operation or production unit has on the running of an organization. It stipulates the expenses that are to be incurred in a given operation by considering the fixed and variable costs that come with production of a good or a service or yet the sale of a product. This makes it an essential tool in the control of budgetary allocation in an organization as it provides the necessary information that gives direction on the combined activities that are likely to add value to an investor's capital (Serfling, 2016). A major example may be stipulated in the production of a food product, which seems to gain demand on weekends. In such a case, the business producing the product will commit its resources elsewhere during the weekday to optimize on the scarce resources and avoid drowning in expenses example fixed costs such as rent and utilize its production unit to meet the accruing demand on weekends.
Thus, it is without a doubt to state that CVP Analysis is a major tool of planning used in managing risks, optimizing on the scarce resources which are all essential in enhancing customer satisfaction (Lulaj & Iseni, 2018). Essentially, CVP provides information that is crucial in the control and planning of production, among other operational activities in an organization.
Variable Costing
Variable costing revolves around the assigning of the period and product costs in regards to a given kind of product. Researchers observe that it is an essential approach in internal reporting due to its ability to break the complexity that comes along with an organization’s operation and production (Creese, 2017). It addresses costs product costs related to manufacturing and specifically those that can be directly attributed to a product. In this case, it provides enough information that is crucial in controlling the production sector and makes plans through strategies such as budgetary allocation (Serfling, 2016). This is so in that it provides the relationship between the expected and actual costs and through this it becomes easier for the management to schedule their operations, which’s crucial in maximizing the .
Dupont analysis on Edelweiss financial services ltd.Sandeep Patel
A summer internship program under the guidance of Mr. Amzad khan and Mr. Nitin shrivastav of Edelweiss Capital Bhopal,project report on the Topic DuPont Analysis on Edelweiss Services Ltd. assigned by Project Guide Dr.(Prof.) Priya Dwivedi, calculated the ROE & ROA to measure the financial position of the company.
Running head BUDGET PROCESS 1BUDGET PROCESS 8.docxsusanschei
Running head: BUDGET PROCESS
1
BUDGET PROCESS
8
KJZZ Employee Training Program Budget Process
KJZZ Employee Training Program Budget Process
This week Learning Team B will address KJZZ’s budget process for its employee-training program. The budget will involve the following: Develop an allocated budget, analyze the return on investment (ROI) with the allocated budget, examine the ROI challenges, discuss the forces driving the ROI and explain the elements of ROI methodology. These areas will help management understand the importance of the project and how it will benefit the organization on the quality of work and return on its investment.
Develop an Allocated Budget
Budget allocations are critical additives to an annual monetary plan, or price range, of all agencies. They indicate the level of sources a corporation is committing to a branch or application without allocation limits rates can exceed sales and bring about financial shortfalls. Each person overseeing budgets should apprehend its utilization and the restrictions it delivers.
Life pulls money in all directions. Allocation is a fancy word for “when you spend your money.” We are going to build KJZZ’s Yearly Cash Flow Plan here and get a little more in depth by breaking the company’s income down on a monthly basis. The four bullets below represent the main expenditures in a given month. For instance the station has a monthly budget of $30,000.
KJZZ Radio Station’s Utility Payment
The radio station will set aside $7500 each month to cover its utilities which include but not limited to electricity, water, television payments to appropriate parties.
KJZZ Employee Payments
The radio station will set aside $10,000 to cover employer’s salaries respectively. All employees on the payroll will receive pay on a bi-weekly basis.
KJZZ Community Events
The radio station will set aside $5.000 monthly for various community events for their listeners and fans.
KJZZ Miscellaneous
The radio station will set aside another $7,500 for miscellaneous spending. Emergencies and any other unplanned occurrence are paid directly from this expenditure.
It is important to understand that this is just an example of how an “Allocated Budget” for a company works. As with everything in life, there are times when adjustments or changes are necessary.
Analyze the ROI within the Allocated Budget
The ROI approach to budgeting looks at many components for the investments instead of the costs. Therefore, KJZZ expects good financial returns on all of the investments within a timely manner. For the business to make those investments within the world of advertising, KJZZ expects to see an abundance of profits from all of their investments. The ideas behind the ROI approach in regards to every dollar spent on advertising, allows the business to gain some valuable profits from all of the returns. Even though there are challenges with an ROI for interpreting and analyzing some of the contributions, the business ...
Gross Domestic ProductErskine S. Walther, Ph.D.G.docxwhittemorelucilla
Gross Domestic Product
Erskine S. Walther, Ph.D.
GDP: Defined
GDP: The market value of all final goods and services produced in an economy in a specific period of time.
Market Value: The measurement is in current prices, this known as Nominal GDP or just GDP.
Final Goods and Services: Goods and services that have reached their final usage. They are not used to produce another good or service. Goods that are used in that way are Intermediate Goods.
Intermediate Goods and Services are those that are used as inputs into the production of other goods and services. There are not directly counted in GDP as their value is included in the value (price) of the final goods and services. Thus, counting them directly would double count the same output. However, if the intermediate good has not been sold, it is counted in GDP as inventory.
GDP Defined: continued
Specific Period of Time: GDP can be computed for a month, a quarter or a year. The most common measures are annually and quarterly.
Formal, Legal Markets: Only goods and services that are traded in formal, legal markets are counted in GDP.
Underground Economy: The underground economy is composed of economic transactions involving activities that are not legal activities in a given society. These are not included in GDP. Illegal drugs and illegal gambling are common examples.
Informal Economy: These are legal activities that do no go through formal markets. They are not included in GDP. Income not reported for taxation purposes or work done for barter are examples of informal economic activities.
Some authors include legal activities as part of the underground economy definition.
GDP Defined: continued
Household Production: Productive activities done in and for the household are not counted in GDP as there is no direct monetary payment for such activities. (If you give children an allowance for household chores that would be part of the informal economy. If you clean your own home, that is household production.)
Leisure Activities: Leisure activities that do not involve the purchase of goods and services are not counted in GDP.
Spending an afternoon with family and friends that does not involve buying goods or services would not be counted in GDP as no economic transaction has occurred.
A vacation involving paid activities does count in GDP as goods and services are purchased.
GDP: Purpose
The Purpose of GDP is to measure the total output of goods and services in any economy during a specific period of time.
GDP is Value Neutral: It makes no judgments regarding product quality or whether or not a good or service is “good” for you. Those judgments are left to the consumer who is assumed to be able to make intelligent decisions that reflect their own personal tastes, preferences and values.
Changes in GDP measure economic growth.
Economic growth is the increase in the output of goods and services in an economy over a specific period of time. This must b ...
BUSI 223Exercise 6 Instructions1. How much life insurance do y.docxRAHUL126667
BUSI 223
Exercise 6 Instructions
1. How much life insurance do you need? Using the Life Insurance Calculator, enter the information and post your results in the textbox section of the assignment link. You do NOT need to get actual quotes, just see how much you need.
2. Decide which health care plan you would choose. Looking at eHealth Insurance, enter your information (or you can make up information), and then pick 3 companies to compare. Again, you do not need to input personal information. You must only fill in the gender, birth date, tobacco use, college student, and zip code information. Copy and paste the results of the 3 companies that you compared into a Microsoft Word document and attach it in the Module/Week 6 assignment link. Choose the 1 plan that you would suggest and explain why you chose that particular plan.
Submit this assignment by 11:59 p.m. (ET) on Monday of Module/Week 6.
Lecture 2
Chapter 7
Measuring Domestic Output and National Income
Assessing the Economy’s Performance
National income accounting measures economy’s overall performance
Bureau of Economic Analysis compiles National Income and Product Accounts
Assess health of economy
Track long-run course
Formulate policy
National income accounting does for the economy what private accounting would do for an individual household or business. The Bureau of Economic Analysis, an agency of the Department of Commerce, compiles the data and reports it in National Income and Product Accounts. This information is used by economists and policymakers in formulating decisions for the best interest of the nation.
Gross Domestic Product(GDP)
GDP is the dollar value of all final goods and services produced within the borders of a country during a specific period of time.
Measure of aggregate output
Monetary measure
Avoid multiple counting
One way to avoid multiple counting is to include market value of final goods and ignore intermediate goods
Another approach is to count value added
The primary measure of the economy’s performance as a whole is its aggregate output. This is most commonly calculated as Gross Domestic Product, or GDP. GDP is a monetary measure in that everything is valued in dollars. All goods and services produced must be converted into dollar values for GDP to work. To avoid multiple counting of goods, GDP includes only the market value of final goods and ignores intermediate goods, which are goods either purchased for resale or for further processing into final goods. GDP could also avoid multiple counting by counting only the value added at each stage. Value added is the market value of a firm’s output less the value of the inputs that the firm purchased from others.
Intermediate goods are products that are purchased for resale or further processing or manufacturing. Final goods are products that are purchased by their end users.e.g Lettuce, carrots and vinegar in restaurant salads are intermediate goods, restaurant salads are final goods.
Monetary Measu ...
As a manager, discuss how you would use or have used the concepts .docxwraythallchan
As a manager, discuss how you would use or have used the concepts
1) Cost-Volume-Profit Analysis
2) Importance of Profit- cost- volume analysis
3) Variable Costing in Planning
4) Importance of Variable costing
Instrcutions:
1) Original post for two different topics total 600 words
2) 3 Responses to classmates = 450 words total
3) 3 articles/peer reviewed references for one question and 3 Articles/Peer Reviewed references for other question.
4) Citation required in the body.
5) APA format
Response#1(Mahesh)
Cost-Volume-Profit Analysis is observed as the employment of a model that helps in breaking down the complexity that exists between cost of production and operation, quality of goods produced, and the profits generated from the whole undertaking (Lulaj & Iseni, 2018). CVP takes into consideration the influence each aspect of operation or production unit has on the running of an organization. It stipulates the expenses that are to be incurred in a given operation by considering the fixed and variable costs that come with production of a good or a service or yet the sale of a product. This makes it an essential tool in the control of budgetary allocation in an organization as it provides the necessary information that gives direction on the combined activities that are likely to add value to an investor's capital (Serfling, 2016). A major example may be stipulated in the production of a food product, which seems to gain demand on weekends. In such a case, the business producing the product will commit its resources elsewhere during the weekday to optimize on the scarce resources and avoid drowning in expenses example fixed costs such as rent and utilize its production unit to meet the accruing demand on weekends.
Thus, it is without a doubt to state that CVP Analysis is a major tool of planning used in managing risks, optimizing on the scarce resources which are all essential in enhancing customer satisfaction (Lulaj & Iseni, 2018). Essentially, CVP provides information that is crucial in the control and planning of production, among other operational activities in an organization.
Variable Costing
Variable costing revolves around the assigning of the period and product costs in regards to a given kind of product. Researchers observe that it is an essential approach in internal reporting due to its ability to break the complexity that comes along with an organization’s operation and production (Creese, 2017). It addresses costs product costs related to manufacturing and specifically those that can be directly attributed to a product. In this case, it provides enough information that is crucial in controlling the production sector and makes plans through strategies such as budgetary allocation (Serfling, 2016). This is so in that it provides the relationship between the expected and actual costs and through this it becomes easier for the management to schedule their operations, which’s crucial in maximizing the .
Dupont analysis on Edelweiss financial services ltd.Sandeep Patel
A summer internship program under the guidance of Mr. Amzad khan and Mr. Nitin shrivastav of Edelweiss Capital Bhopal,project report on the Topic DuPont Analysis on Edelweiss Services Ltd. assigned by Project Guide Dr.(Prof.) Priya Dwivedi, calculated the ROE & ROA to measure the financial position of the company.
Running head BUDGET PROCESS 1BUDGET PROCESS 8.docxsusanschei
Running head: BUDGET PROCESS
1
BUDGET PROCESS
8
KJZZ Employee Training Program Budget Process
KJZZ Employee Training Program Budget Process
This week Learning Team B will address KJZZ’s budget process for its employee-training program. The budget will involve the following: Develop an allocated budget, analyze the return on investment (ROI) with the allocated budget, examine the ROI challenges, discuss the forces driving the ROI and explain the elements of ROI methodology. These areas will help management understand the importance of the project and how it will benefit the organization on the quality of work and return on its investment.
Develop an Allocated Budget
Budget allocations are critical additives to an annual monetary plan, or price range, of all agencies. They indicate the level of sources a corporation is committing to a branch or application without allocation limits rates can exceed sales and bring about financial shortfalls. Each person overseeing budgets should apprehend its utilization and the restrictions it delivers.
Life pulls money in all directions. Allocation is a fancy word for “when you spend your money.” We are going to build KJZZ’s Yearly Cash Flow Plan here and get a little more in depth by breaking the company’s income down on a monthly basis. The four bullets below represent the main expenditures in a given month. For instance the station has a monthly budget of $30,000.
KJZZ Radio Station’s Utility Payment
The radio station will set aside $7500 each month to cover its utilities which include but not limited to electricity, water, television payments to appropriate parties.
KJZZ Employee Payments
The radio station will set aside $10,000 to cover employer’s salaries respectively. All employees on the payroll will receive pay on a bi-weekly basis.
KJZZ Community Events
The radio station will set aside $5.000 monthly for various community events for their listeners and fans.
KJZZ Miscellaneous
The radio station will set aside another $7,500 for miscellaneous spending. Emergencies and any other unplanned occurrence are paid directly from this expenditure.
It is important to understand that this is just an example of how an “Allocated Budget” for a company works. As with everything in life, there are times when adjustments or changes are necessary.
Analyze the ROI within the Allocated Budget
The ROI approach to budgeting looks at many components for the investments instead of the costs. Therefore, KJZZ expects good financial returns on all of the investments within a timely manner. For the business to make those investments within the world of advertising, KJZZ expects to see an abundance of profits from all of their investments. The ideas behind the ROI approach in regards to every dollar spent on advertising, allows the business to gain some valuable profits from all of the returns. Even though there are challenges with an ROI for interpreting and analyzing some of the contributions, the business ...
Gross Domestic ProductErskine S. Walther, Ph.D.G.docxwhittemorelucilla
Gross Domestic Product
Erskine S. Walther, Ph.D.
GDP: Defined
GDP: The market value of all final goods and services produced in an economy in a specific period of time.
Market Value: The measurement is in current prices, this known as Nominal GDP or just GDP.
Final Goods and Services: Goods and services that have reached their final usage. They are not used to produce another good or service. Goods that are used in that way are Intermediate Goods.
Intermediate Goods and Services are those that are used as inputs into the production of other goods and services. There are not directly counted in GDP as their value is included in the value (price) of the final goods and services. Thus, counting them directly would double count the same output. However, if the intermediate good has not been sold, it is counted in GDP as inventory.
GDP Defined: continued
Specific Period of Time: GDP can be computed for a month, a quarter or a year. The most common measures are annually and quarterly.
Formal, Legal Markets: Only goods and services that are traded in formal, legal markets are counted in GDP.
Underground Economy: The underground economy is composed of economic transactions involving activities that are not legal activities in a given society. These are not included in GDP. Illegal drugs and illegal gambling are common examples.
Informal Economy: These are legal activities that do no go through formal markets. They are not included in GDP. Income not reported for taxation purposes or work done for barter are examples of informal economic activities.
Some authors include legal activities as part of the underground economy definition.
GDP Defined: continued
Household Production: Productive activities done in and for the household are not counted in GDP as there is no direct monetary payment for such activities. (If you give children an allowance for household chores that would be part of the informal economy. If you clean your own home, that is household production.)
Leisure Activities: Leisure activities that do not involve the purchase of goods and services are not counted in GDP.
Spending an afternoon with family and friends that does not involve buying goods or services would not be counted in GDP as no economic transaction has occurred.
A vacation involving paid activities does count in GDP as goods and services are purchased.
GDP: Purpose
The Purpose of GDP is to measure the total output of goods and services in any economy during a specific period of time.
GDP is Value Neutral: It makes no judgments regarding product quality or whether or not a good or service is “good” for you. Those judgments are left to the consumer who is assumed to be able to make intelligent decisions that reflect their own personal tastes, preferences and values.
Changes in GDP measure economic growth.
Economic growth is the increase in the output of goods and services in an economy over a specific period of time. This must b ...
UiPath Test Automation using UiPath Test Suite series, part 4DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 4. In this session, we will cover Test Manager overview along with SAP heatmap.
The UiPath Test Manager overview with SAP heatmap webinar offers a concise yet comprehensive exploration of the role of a Test Manager within SAP environments, coupled with the utilization of heatmaps for effective testing strategies.
Participants will gain insights into the responsibilities, challenges, and best practices associated with test management in SAP projects. Additionally, the webinar delves into the significance of heatmaps as a visual aid for identifying testing priorities, areas of risk, and resource allocation within SAP landscapes. Through this session, attendees can expect to enhance their understanding of test management principles while learning practical approaches to optimize testing processes in SAP environments using heatmap visualization techniques
What will you get from this session?
1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
Topics covered:
Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
DevOps and Testing slides at DASA ConnectKari Kakkonen
My and Rik Marselis slides at 30.5.2024 DASA Connect conference. We discuss about what is testing, then what is agile testing and finally what is Testing in DevOps. Finally we had lovely workshop with the participants trying to find out different ways to think about quality and testing in different parts of the DevOps infinity loop.
Key Trends Shaping the Future of Infrastructure.pdfCheryl Hung
Keynote at DIGIT West Expo, Glasgow on 29 May 2024.
Cheryl Hung, ochery.com
Sr Director, Infrastructure Ecosystem, Arm.
The key trends across hardware, cloud and open-source; exploring how these areas are likely to mature and develop over the short and long-term, and then considering how organisations can position themselves to adapt and thrive.
Let's dive deeper into the world of ODC! Ricardo Alves (OutSystems) will join us to tell all about the new Data Fabric. After that, Sezen de Bruijn (OutSystems) will get into the details on how to best design a sturdy architecture within ODC.
Search and Society: Reimagining Information Access for Radical FuturesBhaskar Mitra
The field of Information retrieval (IR) is currently undergoing a transformative shift, at least partly due to the emerging applications of generative AI to information access. In this talk, we will deliberate on the sociotechnical implications of generative AI for information access. We will argue that there is both a critical necessity and an exciting opportunity for the IR community to re-center our research agendas on societal needs while dismantling the artificial separation between the work on fairness, accountability, transparency, and ethics in IR and the rest of IR research. Instead of adopting a reactionary strategy of trying to mitigate potential social harms from emerging technologies, the community should aim to proactively set the research agenda for the kinds of systems we should build inspired by diverse explicitly stated sociotechnical imaginaries. The sociotechnical imaginaries that underpin the design and development of information access technologies needs to be explicitly articulated, and we need to develop theories of change in context of these diverse perspectives. Our guiding future imaginaries must be informed by other academic fields, such as democratic theory and critical theory, and should be co-developed with social science scholars, legal scholars, civil rights and social justice activists, and artists, among others.
JMeter webinar - integration with InfluxDB and GrafanaRTTS
Watch this recorded webinar about real-time monitoring of application performance. See how to integrate Apache JMeter, the open-source leader in performance testing, with InfluxDB, the open-source time-series database, and Grafana, the open-source analytics and visualization application.
In this webinar, we will review the benefits of leveraging InfluxDB and Grafana when executing load tests and demonstrate how these tools are used to visualize performance metrics.
Length: 30 minutes
Session Overview
-------------------------------------------
During this webinar, we will cover the following topics while demonstrating the integrations of JMeter, InfluxDB and Grafana:
- What out-of-the-box solutions are available for real-time monitoring JMeter tests?
- What are the benefits of integrating InfluxDB and Grafana into the load testing stack?
- Which features are provided by Grafana?
- Demonstration of InfluxDB and Grafana using a practice web application
To view the webinar recording, go to:
https://www.rttsweb.com/jmeter-integration-webinar
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clients’ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...UiPathCommunity
💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
Speakers:
👨🏫 Andras Palfi, Senior Product Manager, UiPath
👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
UiPath Test Automation using UiPath Test Suite series, part 3DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 3. In this session, we will cover desktop automation along with UI automation.
Topics covered:
UI automation Introduction,
UI automation Sample
Desktop automation flow
Pradeep Chinnala, Senior Consultant Automation Developer @WonderBotz and UiPath MVP
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
Epistemic Interaction - tuning interfaces to provide information for AI supportAlan Dix
Paper presented at SYNERGY workshop at AVI 2024, Genoa, Italy. 3rd June 2024
https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
State of ICS and IoT Cyber Threat Landscape Report 2024 previewPrayukth K V
The IoT and OT threat landscape report has been prepared by the Threat Research Team at Sectrio using data from Sectrio, cyber threat intelligence farming facilities spread across over 85 cities around the world. In addition, Sectrio also runs AI-based advanced threat and payload engagement facilities that serve as sinks to attract and engage sophisticated threat actors, and newer malware including new variants and latent threats that are at an earlier stage of development.
The latest edition of the OT/ICS and IoT security Threat Landscape Report 2024 also covers:
State of global ICS asset and network exposure
Sectoral targets and attacks as well as the cost of ransom
Global APT activity, AI usage, actor and tactic profiles, and implications
Rise in volumes of AI-powered cyberattacks
Major cyber events in 2024
Malware and malicious payload trends
Cyberattack types and targets
Vulnerability exploit attempts on CVEs
Attacks on counties – USA
Expansion of bot farms – how, where, and why
In-depth analysis of the cyber threat landscape across North America, South America, Europe, APAC, and the Middle East
Why are attacks on smart factories rising?
Cyber risk predictions
Axis of attacks – Europe
Systemic attacks in the Middle East
Download the full report from here:
https://sectrio.com/resources/ot-threat-landscape-reports/sectrio-releases-ot-ics-and-iot-security-threat-landscape-report-2024/
State of ICS and IoT Cyber Threat Landscape Report 2024 preview
Gdp a concept,principles and application
1. by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 1
,email:1966patel@gmail.com
2. Gross domestic product (GDP) refers to the
market value of all final goods and services produced in
a country in a given period. GDP per capita is often
considered an indicator of a country's standard of living.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 2
,email:1966patel@gmail.com
3. GDP can be determined in three ways, all
of which should, in principle, give the same
result. They are the product (or output)
approach, the income approach, and the
expenditure approach.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 3
,email:1966patel@gmail.com
4. by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 4
,email:1966patel@gmail.com
5. The most direct of the three is the product approach , which
sums the outputs of every class of enterprise to arrive at the total. The
expenditure approach works on the principle that all of the product must be
bought by somebody, therefore the value of the total product must be equal to
people's total expenditures in buying things. The income approach works on the
principle that the incomes of the productive factors ("producers," colloquially)
must be equal to the value of their product, and determines GDP by finding the
sum of all producers' incomes.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 5
,email:1966patel@gmail.com
6. Example: the expenditure method:
GDP = private consumption + gross investment + government spending +
(exports − imports), or
GDP = C + I + G + (X - I)
Note: "Gross" means that GDP measures production regardless of the various uses to
which that production can be put. Production can be used for immediate consumption,
for investment in new fixed assets or inventories, or for replacing depreciated fixed
assets. "Domestic" means that GDP measures production that takes place within the
country's borders. In the expenditure-method equation given above, the exports-minus-
imports term is necessary in order to null out expenditures on things not produced in the
country (imports) and add in things produced but not sold in the country (exports).
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 6
,email:1966patel@gmail.com
7. Economists (since Keynes) have preferred to split the general
consumption term into two parts; private consumption, and public
sector (or government) spending.Two advantages of dividing total
consumption this way in theoretical macroeconomics are:
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 7
,email:1966patel@gmail.com
8. •Private consumption is a central concern of welfare economics. The private
investment and trade portions of the economy are ultimately directed (in
mainstream economic models) to increases in long-term private consumption.
•If separated from endogenous private consumption, government
consumption can be treated as exogenous, so that different government
spending levels can be considered within a meaningful macroeconomic
framework.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 8
,email:1966patel@gmail.com
9. Production approach
The production approach is also called as net Product or Value added method.
This method consists of three stages:
1.Estimating the Gross Value of domestic Output in various economic activities
2.Determining the intermediate consumption i.e., the cost of material,supplies
and services used to produce final goods or services; and finally
3.Deducting intermediate consumption form Gross Value to obtain the Net
value of Domestic Output.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 9
,email:1966patel@gmail.com
10. Symbolically,
Gross Value Added = Value of output- Value of Intermediate Consumption.
Value of Output= Value of the total sales of goods and services + Value of changes in
the inventories.
The sum of gross value added in various economic activities is known as GDP at factor
cost.
GDP at factor cost plus indirect taxes less subsidies on products is GDP at Producer
Price.
For measuring gross output of domestic product, economic activities (i.e. industries) are
classified into various sectors. After classifying economic activities, the gross output of
each sector is calculated by any of the following two methods:
1.By multiplying the output of each sector by their respective market price and adding
them together and
2.By collecting data on gross sales and inventories from the records of companies and
adding them together.
Subtracting each sector's intermediate consumption from gross output, we get sectoral
gross value added (GVA)at factor cost. We, then add gross value of all sectors to get
GDP at factor cost. Adding indirect tax less subsidies in GDP at factor cost, we get
GDP at Producer prices.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 10
,email:1966patel@gmail.com
11. Income approach
Another way of measuring GDP is to measure total income. If GDP is
calculated this way it is sometimes called Gross Domestic Income (GDI), or
GDP(I). GDI should provide the same amount as the expenditure method
described above. (By definition, GDI = GDP. In practice, however,
measurement errors will make the two figures slightly off when reported by
national statistical agencies.)
This method measures GDP by adding incomes that firms pay households for
the factors of production they hire- wages for labour, interest for capital, rent
for land and profits for entrepreneurship.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 11
,email:1966patel@gmail.com
12. The US "National Income and Expenditure Accounts" divide incomes into five
categories:
1.Wages, salaries, and supplementary labour income
2.Corporate profits
3.Interest and miscellaneous investment income
4.Farmers’ income
5.Income from non-farm unincorporated businesses
These five income components sum to net domestic income at factor cost.
Two adjustments must be made to get GDP:
1.Indirect taxes minus subsidies are added to get from factor cost to market prices.
2.Depreciation (or capital consumption) is added to get from net domestic product to
gross domestic product.
Total income can be subdivided according to various schemes, leading to various
formulae for GDP measured by the income approach. A common one is:
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 12
,email:1966patel@gmail.com
13. GDP = compensation of employees + gross operating surplus + gross mixed income +
taxes less subsidies on production and imports
GDP = COE + GOS + GMI + TP & M – SP & M
•Compensation of employees (COE) measures the total remuneration to employees
for work done. It includes wages and salaries, as well as employer contributions to social
security and other such programs.
•Gross operating surplus (GOS) is the surplus due to owners of incorporated
businesses. Often called profits, although only a subset of total costs are subtracted
from gross output to calculate GOS.
•Gross mixed income (GMI) is the same measure as GOS, but for unincorporated
businesses. This often includes most small businesses.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 13
,email:1966patel@gmail.com
14. The sum of COE, GOS and GMI is called total factor income; it is the income of all of the
factors of production in society. It measures the value of GDP at factor (basic) prices.
The difference between basic prices and final prices (those used in the expenditure
calculation) is the total taxes and subsidies that the government has levied or paid on
that production. So adding taxes less subsidies on production and imports converts GDP
at factor cost to GDP(I).
Total factor income is also sometimes expressed as:
Total factor income = Employee compensation + Corporate profits + Proprieter's income
+ Rental income + Net interest[5]
Yet another formula for GDP by the income method is
GDP = R + I + P + SA + W
where R : rents
I : interests
P : profits
SA : statistical adjustments (corporate income taxes, dividends, undistributed corporate
profits)
W : wages
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 14
,email:1966patel@gmail.com
15. Expenditure approach
In economics, most things produced are produced for sale, and sold. Therefore,
measuring the total expenditure of money used to buy things is a way of measuring
production. This is known as the expenditure method of calculating GDP. Note that if you
knit yourself a sweater, it is production but does not get counted as GDP because it is
never sold. Sweater-knitting is a small part of the economy, but if one counts some
major activities such as child-rearing (generally unpaid) as production, GDP ceases to
be an accurate indicator of production. Similarly, if there is a long term shift from non-
market provision of services (for example cooking, cleaning, child rearing, do-it yourself
repairs) to market provision of services, then this trend toward increased market
provision of services may mask a dramatic decrease in actual domestic production,
resulting in overly optimistic and inflated reported GDP. This is particularly a problem for
economies which have shifted from production economies to service economies.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 15
,email:1966patel@gmail.com
16. GDP (Y) is a sum of Consumption (C),
Investment (I), Government Spending (G) and
Net Exports (X – M).
Y = C + I + G + (X − M)
Here is a description of each GDP component:
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 16
,email:1966patel@gmail.com
17. •C (consumption) is normally the largest GDP component
in the economy, consisting of private (household final
consumption expenditure) in the economy. These personal
expenditures fall under one of the following categories: durable
goods, non-durable goods, and services. Examples include food,
rent, jewelry, gasoline, and medical expenses but does not include
the purchase of new housing.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 17
,email:1966patel@gmail.com
18. •I (investment) includes business investment in equipments for example and does not
include exchanges of existing assets. Examples include construction of a new mine, purchase of
software, or purchase of machinery and equipment for a factory. Spending by households (not
government) on new houses is also included in Investment. In contrast to its colloquial meaning,
'Investment' in GDP does not mean purchases of financial products. Buying financial products is
classed as 'saving', as opposed to investment. This avoids double-counting: if one buys shares in
a company, and the company uses the money received to buy plant, equipment, etc., the amount
will be counted toward GDP when the company spends the money on those things; to also count it
when one gives it to the company would be to count two times an amount that only corresponds to
one group of products. Buying bonds or stocks is a swapping of deeds, a transfer of claims on
future production, not directly an expenditure on products.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 18
,email:1966patel@gmail.com
19. •G (government spending) is the sum of government
expenditures on final goods and services. It includes salaries of public servants,
purchase of weapons for the military, and any investment expenditure by a
government. It does not include any transfer payments, such as social security
or unemployment benefits.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 19
,email:1966patel@gmail.com
20. •X (exports) represents gross exports. GDP captures the amount a
country produces, including goods and services produced for other nations'
consumption, therefore exports are added.
•M (imports) represents gross imports. Imports are subtracted since imported
goods will be included in the terms G, I, or C, and must be deducted to avoid
counting foreign supply as domestic.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 20
,email:1966patel@gmail.com
21. A fully equivalent definition is that GDP (Y) is the
sum of final consumption expenditure (FCE),
gross capital formation (GCF), and net
exports (X – M).
Y = FCE + GCF+ (X − M)
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 21
,email:1966patel@gmail.com
22. FCE can then be further broken down by three sectors (households,
governments and non-profit institutions serving households) and GCF by five
sectors (non-financial corporations, financial corporations, households,
governments and non-profit institutions serving households). The advantage of
this second definition is that expenditure is systematically broken down, firstly,
by type of final use (final consumption or capital formation) and, secondly, by
sectors making the expenditure, whereas the first definition partly follows a
mixed delimitation concept by type of final use and sector.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 22
,email:1966patel@gmail.com
23. Note that C, G, and I are expenditures on final goods and services;
expenditures on intermediate goods and services do not count. (Intermediate
goods and services are those used by businesses to produce other goods and
services within the accounting year.[6] )
According to the U.S. Bureau of Economic Analysis, which is responsible for
calculating the national accounts in the United States, "In general, the source
data for the expenditures components are considered more reliable than those
for the income components [see income method, below]."[7]
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 23
,email:1966patel@gmail.com
24. GDP vs GNP
GDP can be contrasted with gross national product (GNP) or
gross national income (GNI). The difference is that GDP defines
its scope according to location, while GNP defines its scope
according to ownership. In a global context, world GDP and world
GNP are therefore equivalent terms.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 24
,email:1966patel@gmail.com
25. GDP is product produced within a country's borders; GNP is product produced by
enterprises owned by a country's citizens. The two would be the same if all of the
productive enterprises in a country were owned by its own citizens, and those citizens
did not own productive enterprises in any other countries. In practice, however, foreign
ownership makes GDP and GNP non-identical. Production within a country's borders,
but by an enterprise owned by somebody outside the country, counts as part of its GDP
but not its GNP; on the other hand, production by an enterprise located outside the
country, but owned by one of its citizens, counts as part of its GNP but not its GDP.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 25
,email:1966patel@gmail.com
26. To take the United States as an example, the U.S.'s GNP is the value of output produced
by American-owned firms, regardless of where the firms are located. Similarly, if a
country becomes increasingly in debt, and spends large amounts of income servicing
this debt this will be reflected in a decreased GNI but not a decreased GDP. Similarly, if
a country sells off its resources to entities outside their country this will also be reflected
over time in decreased GNI, but not decreased GDP. This would make the use of GDP
more attractive for politicians in countries with increasing national debt and decreasing
assets.
Gross national income (GNI) equals GDP plus income receipts from the rest of the world
minus income payments to the rest of the world.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 26
,email:1966patel@gmail.com
27. International standards
The international standard for measuring GDP is contained in the book System of
National Accounts (1993), which was prepared by representatives of the International
Monetary Fund, European Union, Organization for Economic Co-operation and
Development, United Nations and World Bank. The publication is normally referred to as
SNA93 to distinguish it from the previous edition published in 1968 (called SNA68)
SNA93 provides a set of rules and procedures for the measurement of national
accounts. The standards are designed to be flexible, to allow for differences in local
statistical needs and conditions.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 27
,email:1966patel@gmail.com
28. National measurement
Within each country GDP is normally measured by a national
government statistical agency, as private sector organizations
normally do not have access to the information required
(especially information on expenditure and production by
governments).
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 28
,email:1966patel@gmail.com
29. Interest rates
Net interest expense is a transfer payment
in all sectors except the financial sector. Net
interest expenses in the financial sector are
seen as production and value added and
are added to GDP.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 29
,email:1966patel@gmail.com
30. Adjustments to GDP
When comparing GDP figures from one year to another, it is desirable to compensate for
changes in the value of money – i.e., for the effects of inflation or deflation. The raw GDP
figure as given by the equations above is called the nominal, or historical, or current,
GDP. To make it more meaningful for year-to-year comparisons, it may be multiplied by
the ratio between the value of money in the year the GDP was measured and the value
of money in some base year. For example, suppose a country's GDP in 1990 was $100
million and its GDP in 2000 was $300 million; but suppose that inflation had halved the
value of its currency over that period. To meaningfully compare its 2000 GDP to its 1990
GDP we could multiply the 2000 GDP by one-half, to make it relative to 1990 as a base
year. The result would be that the 2000 GDP equals $300 million × one-half = $150
million, in 1990 monetary terms. We would see that the country's GDP had, realistically,
increased 50 percent over that period, not 200 percent, as it might appear from the raw
GDP data. The GDP adjusted for changes in money-value in this way is called the real,
or constant, GDP.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 30
,email:1966patel@gmail.com
31. Cross-border comparison
GDP (PPP) share of world / per capita per nation 1980–2015, Source:
International Monetary Fund (WEO April 2011)
The level of GDP in different countries may be compared by converting their
value in national currency according to either the current currency exchange
rate, or the purchase power parity exchange rate.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 31
,email:1966patel@gmail.com
32. •Current currency exchange rate is the exchange rate in the
international currency market.
•Purchasing power parity exchange rate is the exchange rate based on the purchasing power
parity (PPP) of a currency relative to a selected standard (usually the United States dollar). This is a
comparative (and theoretical) exchange rate, the only way to directly realize this rate is to sell an
entire CPI basket in one country, convert the cash at the currency market rate & then rebuy that
same basket of goods in the other country (with the converted cash). Going from country to country,
the distribution of prices within the basket will vary; typically, non-tradable purchases will consume a
greater proportion of the basket's total cost in the higher GDP country, per the Balassa-Samuelson
effect.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 32
,email:1966patel@gmail.com
33. The ranking of countries may differ significantly based on which method is used.
•The current exchange rate method converts the value of goods and services using global currency
exchange rates. The method can offer better indications of a country's international purchasing
power and relative economic strength. For instance, if 10% of GDP is being spent on buying hi-tech
foreign arms, the number of weapons purchased is entirely governed by current exchange rates,
since arms are a traded product bought on the international market. There is no meaningful 'local'
price distinct from the international price for high technology goods.
•The purchasing power parity method accounts for the relative effective domestic purchasing power
of the average producer or consumer within an economy. The method can provide a better indicator
of the living standards of less developed countries, because it compensates for the weakness of
local currencies in the international markets. For example, India ranks 11th by nominal GDP, but
fourth by PPP. The PPP method of GDP conversion is more relevant to non-traded goods and
services.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 33
,email:1966patel@gmail.com
34. Per unit GDP
GDP is an aggregate figure which does not account for differing sizes of nations.
Therefore, GDP can be stated as GDP per capita (per person) in which total GDP is
divided by the resident population on a given date, GDP per citizen where total GDP is
divided by the numbers of citizens residing in the country on a given date, and less
commonly GDP per unit of a resource input, such as GDP per GJ of energy or Gross
domestic product per barrel. GDP per citizen in the above case is pretty similar to GDP
per capita in most nations, however, in nations with very high proportions of temporary
foreign workers like in Persian Gulf nations, the two figures can be vastly different.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 34
,email:1966patel@gmail.com
35. Standard of living and GDP
GDP per capita is not a measurement of the standard of living in an economy. However, it is often used as such
an indicator, on the rationale that all citizens would benefit from their country's increased economic production.
Similarly, GDP per capita is not a measure of personal income. GDP may increase while real incomes for the
majority decline. The major advantage of GDP per capita as an indicator of standard of living is that it is measured
frequently, widely, and consistently. It is measured frequently in that most countries provide information on GDP on
a quarterly basis, allowing trends to be seen quickly. It is measured widely in that some measure of GDP is
.
available for almost every country in the world, allowing inter-country comparisons. It is measured consistently in
that the technical definition of GDP is relatively consistent among countries.
The major disadvantage is that it is not a measure of standard of living. GDP is intended to be a measure of total
national economic activity— a separate concept.
The argument for using GDP as a standard-of-living proxy is not that it is a good indicator of the absolute level of
standard of living, but that living standards tend to move with per-capita GDP, so that changes in living standards
are readily detected through changes in GDP.
Proponents of GDP as a metric of social well being argue that it is a value neutral measure and expresses what
we can do, not what we should do. This is compatible with the fact that different people have different preferences
and different opinions on what well-being is. Competing measures like GPI define well-being to mean things that
the definers ideologically support. Therefore, they cannot function as the goals of a plural society. Moreover, they
are more vulnerable to political manipulation.[22]
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 35
,email:1966patel@gmail.com
36. Externalities
GDP is widely used by economists to gauge economic recession and recovery and an
economies general monetary ability address externalites. Its not meant to measure
externalities. Its serves as a general metric for a nominal monetary standard of living
and is not adjusted for costs of living within a region. GDP is a neutral measure which
merely shows an economy's general ability to pay for externalities such as social and
environmental concerns.[23] Examples of externalities include:
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 36
,email:1966patel@gmail.com
37. •Wealth distribution – GDP does not account for
variances in incomes of various demographic groups. See income
inequality metrics for discussion of a variety of inequality-based
economic measures.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 37
,email:1966patel@gmail.com
38. •Non-market transactions–GDP excludes activities that are not provided through
the market, such as household production and volunteer or unpaid services. As a result, GDP is
understated. Unpaid work conducted on Free and Open Source Software (such as Linux) contribute
nothing to GDP, but it was estimated that it would have cost more than a billion US dollars for a
commercial company to develop. Also, if Free and Open Source Software became identical to its
proprietary software counterparts, and the nation producing the propriety software stops buying
proprietary software and switches to Free and Open Source Software, then the GDP of this nation
would reduce, however there would be no reduction in economic production or standard of living.
The work of New Zealand economist Marilyn Waring has highlighted that if a concerted attempt to
factor in unpaid work were made, then it would in part undo the injustices of unpaid (and in some
cases, slave) labour, and also provide the political transparency and accountability necessary for
democracy. Shedding some doubt on this claim, however, is the theory that won economist
Douglass North the Nobel Memorial Prize in Economic Sciences in 1993.[citation needed] North argued
that the encouragement of private invention and enterprise due to the creation and strengthening of
the patent system became the fundamental catalyst behind the Industrial Revolution in England.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 38
,email:1966patel@gmail.com
39. •Underground economy–Official GDP estimates may
not take into account the underground economy, in which
transactions contributing to production, such as illegal trade and
tax-avoiding activities, are unreported, causing GDP to be
underestimated.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 39
,email:1966patel@gmail.com
40. •Asset Value–GDP does not take into
account the value of all assets in an economy.
This is akin to ignoring a company's balance
sheet, and judging it solely on the basis of its
income statement.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 40
,email:1966patel@gmail.com
41. •Non-monetary economy–GDP omits economies where no money comes into
play at all, resulting in inaccurate or abnormally low GDP figures. For example,
in countries with major business transactions occurring informally, portions of
local economy are not easily registered. Bartering may be more prominent than
the use of money, even extending to services (I helped you build your house
ten years ago, so now you help me).
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 41
,email:1966patel@gmail.com
42. •Quality improvements and inclusion of new products–By not adjusting for quality
improvements and new products, GDP understates true economic growth. For instance,
although computers today are less expensive and more powerful than computers from
the past, GDP treats them as the same products by only accounting for the monetary
value. The introduction of new products is also difficult to measure accurately and is not
reflected in GDP despite the fact that it may increase the standard of living. For
example, even the richest person from 1900 could not purchase standard products, such
as antibiotics and cell phones, that an average consumer can buy today, since such
modern conveniences did not exist back then.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 42
,email:1966patel@gmail.com
43. •What is being produced–GDP counts work that produces no net change or
that results from repairing harm. For example, rebuilding after a natural disaster
or war may produce a considerable amount of economic activity and thus boost
GDP. The economic value of health care is another classic example—it may
raise GDP if many people are sick and they are receiving expensive treatment,
but it is not a desirable situation. Alternative economic estimates, such as the
standard of living or discretionary income per capita try to measure the human
utility of economic activity. See uneconomic growth.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 43
,email:1966patel@gmail.com
44. •Sustainability of growth– GDP is a measurement of economic historic
activity and is not a necessarily a projection. A country may achieve a temporarily high
GDP from use of natural resources or by misallocating investment.
•Nominal GDP doesn't measure variations in purchasing power or costs of living by area,
so when the GDP figure is deflated over time, GDP growth can vary greatly depending
on the basket of goods used and the relative proportions used to deflate the GDP figure.
•Cross-border comparisons of GDP can be inaccurate as they do not take into account
local differences in the quality of goods, even when adjusted for purchasing power parity.
This type of adjustment to an exchange rate is controversial because of the difficulties of
finding comparable baskets of goods to compare purchasing power across countries.
For instance, people in country A may consume the same number of locally produced
apples as in country B, but apples in country A are of a more tasty variety. This
difference in material well being will not show up in GDP statistics. This is especially true
for goods that are not traded globally, such as housing.
•As a measure of actual sale prices, GDP does not capture the economic surplus
between the price paid and subjective value received, and can therefore underestimate
aggregate utility.
by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 44
,email:1966patel@gmail.com
45. by Dr.Rajesh Patel, Director , NRV MBA
4/6/2012 8:18:53 PM 45
,email:1966patel@gmail.com