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.
concepts of NATIONAL INCOME, GROSS DOMESTIC PRODUCT, GNP. NET INCOME, PER CAPTA INCOME, CALCULATION OF NATIONAL INCOME AT CURRENT RATE & CONSTANT RATE, IMPORTANCE OF ESTIMATION, PROBLEMS IN ESTIMATION, CURRENT INDIAN GDP, INDIAN ECONOMIC STATUS.
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 ...
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Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
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How to Create Map Views in the Odoo 17 ERPCeline George
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6. Value Added 1.00 $ Total value added .20 1.00 Retail sale (4) .15 .80 Shipping (3) .15 .65 Refining (2) .50 $ .50 $ Oil drilling (1) VALUE ADDED VALUE OF SALES STAGE OF PRODUCTION Value Added in the Production of a Gallon of Gasoline (Hypothetical Numbers)
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14. Components of GDP, 1999: The Expenditure Approach Note: Numbers may not add exactly because of rounding. Source: U.S. Department of Commerce, Bureau of Economic Analysis. 13.4 1,244.2 Imports ( IM ) 10.6 990.2 Exports ( EX ) 2.7 254.0 Net exports (EX – IM) 11.5 1,065.8 State and local 6.1 568.6 Federal 17.6 1,634.4 Government consumption and gross investment (G) 0.5 43.3 Change in business inventories 4.3 403.8 Residential 12.9 1,203.1 Nonresidential 17.7 1,650.1 Gross private domestic investment (l) 39.4 3,661.9 Services 19.8 1,845.5 Nondurable goods 8.2 761.3 Durable goods 67.4 6,268.7 Personal consumption expenditures (C) 100.0 9,299.2 Total gross domestic product PERCENTAGE OF GDP BILLIONS OF DOLLARS Components of GDP, 1999: The Expenditure Approach
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21. The Income Approach 7.4 689.7 Indirect taxes minus subsidies 0.1 11.0 Net factor payments to the rest of the world 9.2 856.0 Corporate profits 5.5 507.1 Net interest 1.5 143.4 Rental income Source: See Table 17.2. 0.3 32.2 Other 12.5 1,161.0 Depreciation 7.1 663.5 Proprietors’ income 57.0 5,299.8 Compensation of employees 80.3 7,469.7 National income 100.0 9,299.2 Gross domestic product PERCENTAGE OF GDP BILLIONS OF DOLLARS Components of GDP, 1999: The Income Approach
22. From GDP to Disposable Income Source: See Table 17.2. 6,637.7 Equals: disposable personal income 1,152.0 Less: personal taxes 7,789.6 Equals: personal income +1,011.0 Plus: transfer payments to persons + 456.6 Plus: personal interest income received from the government and consumers 662.1 Less: social insurance payments 485.7 Less: corporate profits minus dividends 7,469.7 Equals: national income 675.5 Less: indirect taxes minus subsidies plus other 8,127.1 Equals: net national product (NNP) 1,161.0 Less: depreciation 9,288.2 Equals: GNP 316.9 Less: payments of factor income to the rest of the world + 305.9 Plus: receipts of factor income from the rest of the world 9,299.2 GDP DOLLARS (BILLIONS) GDP, GNP, NNP, National Income, Personal Income, and Disposable Personal Income, 1999
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25. Disposable Personal Income and Personal Saving 194.8 Interest paid by consumers to business 6,268.7 Personal consumption expenditures Source: See Table 17.2. 2.2% Personal savings as a percentage of disposable personal income: 147.6 Equals: personal saving 26.6 Personal transfer payments to foreigners Less: 6,637.7 Disposable personal income DOLLARS (BILLIONS) Disposable Personal Income and Personal Saving, 1999
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29. Calculating Real GDP GDP IN GDP IN GDP IN GDP IN YEAR 2 YEAR 1 YEAR 2 YEAR 1 Nominal GDP in year 2 Nominal GDP in year 1 $19.20 $18.40 $15.10 $12.10 Total 10.80 9.00 8.40 7.00 .90 .70 12 10 Good C 4.00 7.00 1.20 2.10 1.00 .30 4 7 Good B $4.40 $2.40 $5.50 $3.00 $ .40 $.50 11 6 Good A P 2 X Q 2 P 2 x Q 1 P 1 x Q 2 P 1 x Q 1 P 2 P 1 Q 2 Q 1 PRICES PRICES PRICES PRICES YEAR 2 YEAR 1 YEAR 2 YEAR 1 YEAR 2 YEAR 2 YEAR 1 YEAR 1 PRICE PER UNIT PRODUCTION IN IN IN IN (8) (7) (6) (5) (4) (3) (2) (1) A Three-Good Economy
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36. Per Capita GDP/GNP Source: The World Bank Atlas, 2000. 11,650 Greece 100 Ethiopia 14,080 Spain 210 Nepal 15,940 Israel 230 Rwanda 18,340 Ireland 430 India 20,020 Canada 480 Pakistan 20,250 Italy 680 Indonesia 20,300 Australia 750 China 21,400 United Kingdom 1,050 Philippines 24,110 Finland 1,390 Romania 24,760 Netherlands 1,520 Jordan 24,940 France 2,600 Colombia 25,380 Belgium 2,880 South Africa 25,620 Sweden 3,160 Turkey 25,850 Germany 3,970 Mexico 26,850 Austria 4,570 Brazil 29,340 United States 5,040 Czech Republic 32,380 Japan 7,970 South Korea 33,260 Denmark 8,970 Argentina 34,330 Norway 10,690 Portugal 40,080 Switzerland U.S. DOLLARS COUNTRY U.S. DOLLARS COUNTRY Per Capita GNP for Selected Countries, 1998
Editor's Notes
The relationship between total production and total sales is: GDP = final sales + change in business inventories
Disposable personal income or after-tax income equals personal income minus personal income taxes. Personal saving is the amount of disposable income that is left after total personal spending in a given period.