Economic growth is defined as increasing production to meet societal needs and wants. It is commonly measured by GDP (Gross Domestic Product), which is the total value of goods and services produced within a country in a given year. GDP growth rates of 3-5% per year are typically desired. However, GDP has limitations as it only counts what is produced and sold, excluding other important factors like environmental impacts, non-market activities, and personal well-being. Alternative measures have been developed to provide a more comprehensive view of economic success and quality of life.
All the three methods of national income accounting are explained with mathematical questions and answers. It is very helpful for the NCERT and SCERT plus two commerce and humanities students who have to learn these methods in the second chapter of macroeconomics.
Lecture slides for an undergraduate course on Basic Macroeconomics that I taught in the Fall of 2007.
This lecture goes over the difference between real and nominal GDP.
All the three methods of national income accounting are explained with mathematical questions and answers. It is very helpful for the NCERT and SCERT plus two commerce and humanities students who have to learn these methods in the second chapter of macroeconomics.
Lecture slides for an undergraduate course on Basic Macroeconomics that I taught in the Fall of 2007.
This lecture goes over the difference between real and nominal GDP.
This PPT Aims to provide knowledge and Understanding about the concept of GDP, Types of GDP, Importance of GDP, Formula For GDP and other concept Related to GDP.
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 ...
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
3. Economic Growth
Is defined as increasing production
to satisfy the needs and wants of
society.
Measured by GDP (Gross Domestic
Product)
We like to see the GDP growth rate
from 3-5% per year.
4. GDP: Gross Domestic Product
• Measures Economic Growth in dollars.
• C+I+G+(Ex-Im)=GDP
• Value of all the products and services
produced in the economy (every
market).
• Potential GDP is represented along the
PPF curve.
5. What is counted in GDP?
• New products.
• “Final” products.
• Legal products.
• Why? To avoid double counting and other
inaccuracies as well as only encouraging legal
trade.
6. Problems with GDP
• GDP vs. GPA
– GPA counts only your grades, but not your extra-
curriculars, your peer relationships, and other factors
that can be a better judge of you as a student. GDP is
similar in that it only counts what is produced and
sold, and nothing else.
– So a tomato that you grow in your garden doesn’t
count towards GDP. Pollution is actually considered a
good thing because it is a result of production.
• Doesn’t measure all activity, such as illegal trade.
11. Types of GDP
• Nominal GDP: Actual numbers in today’s
dollars.
• Real GDP: Adjusted for Inflation which allows
it to be more easily compared to past dollars.
• Per Capita GDP: Average GDP per person: a
much more useful comparison tool with other
countries that have different population sizes.
14. GNP vs. GDP
• Gross National Product is the measure of all
American businesses both here in the US and
abroad. (e.g.: Wal-Mart sales in both the US
and in China)
• Gross Domestic Product measures all US sales
regardless of where the business originates
from. So for Toyota, a Japanese car company,
sales in the US count for our GDP, but sales in
Japan do not.
What are these images suggesting about what Economic Growth is?
Why only 3-5%? Well, too little isn’t good enough, not enough jobs would be created, not enough of an increase in standard of living. Too much growth can create either a surplus of goods that cost businesses too much and may lead to unemployment and a recession, or too much demand can cause prices to rise, causing inflation, which may create a recession.
C= Consumer Spending, I=Investment (Business) spending, G=Government Spending, This is 100% of the total. This modifies that amount: Ex-Exports (raise GDP), Im-Imports (lower GDP). Can use the Circular flow diagram to show this.
C~60-70%; I~10-20%; G~15-30%
Used products don’t count because of double counting and the fact that GDP is supposed to capture new production. Final products again is used to avoid double counting, so a windshield for a car isn’t counted when it is produced until it is installed and sold as a car. However, if that windshield is later broken and replaced, the new replacement windshield does count towards GDP. Illegal products are hard to track since people don’t want to go to jail, but the black market does create real growth in our economy.
Guess Mr. Blackburn’s GPA. Why did you guess that number? What assumptions did you have when you made that guess? What does that say about GPA as a number to reflect a student’s progress as a person?
This is a subjective index
Does not take into account currency variations.
Purchasing Power Parity: measures countries per capita GDp and takes into account the value of their currency
