Oakland Schools Economics Moodle, Unit 3, Lesson 3
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GDP is the total value of goods and services produced in a country in a year. It is calculated by adding consumption (C), investment (I), government spending (G), and net exports (X-M). Consumption makes up 66% of GDP and includes household spending on goods and services. Government spending makes up 25-35% and includes spending on military, education, and healthcare. Investment is business spending on capital goods like factories and equipment, making up 12-14% of GDP. The GPI is an alternative measure that adjusts GDP to account for economic factors not captured by GDP, such as the value of non-market work and costs of pollution.
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The document discusses key macroeconomic concepts including the three main goals of economic growth, full employment, and price stability. It defines gross domestic product (GDP) as the market value of all final goods and services produced in a country in a year, and explains how GDP is measured through consumption (C), investment (I), government spending (G), and net exports (X-M). Events that affect these components of GDP are provided, along with examples of how GDP is calculated as the sum of C + I + G + (X-M). Inflation and the consumer price index (CPI) are also defined.
Gross Domestic Product
Gross Domestic Product (GDP) is the monetary value of all finished goods and services produced within a country's borders in a given period, usually annually. GDP includes private and public consumption, government spending, investments, and exports minus imports within a territory. It is calculated as GDP = C + I + G + (X-M), where C is private consumption, I is investment, G is government spending, X is exports, and M is imports.
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National income measures the total value of goods and services produced within an economy over a period of time without duplication. It is important for economists to measure national income to analyze economic growth, standard of living, and income inequality. National income can be measured using the product method, income method, or expenditure method. Each method involves estimating the total GDP, GNP, or NNP through summing the value of final goods/services, total income, or total expenditures respectively in an economy. There are challenges to accurately measuring national income such as avoiding double counting, accounting for transfer payments, and calculating depreciation. National income statistics are used for economic policy formulation, studying economic structure, and comparing economic welfare across countries.
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This document discusses key concepts related to measuring national income, including:
- Gross National Product (GNP) and Gross Domestic Product (GDP) measure the total value of goods and services produced over a period of time.
- GDP can be measured using the income, expenditure, and output approaches.
- National income statistics are useful but have limitations as they exclude non-market activities and may overstate or understate welfare.
- Other related concepts include inflation, price indices, real vs nominal values, and unemployment rates.
Ecolrt handouts (group 6)
1. GDP and GNP are measures of the total value of goods and services produced in an economy. GDP measures production within a country, while GNP includes income produced by citizens of that country from abroad.
2. There are three approaches to calculating GDP: expenditure, income, and output. The expenditure approach sums consumer spending, investment, government spending, and net exports. The income approach sums wages, rents, profits, and taxes.
3. Real GDP adjusts for inflation to measure the output in constant dollar terms, while nominal GDP does not adjust for inflation and can increase due to higher output or prices.
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2) It explains the components of GDP under the expenditure approach including consumption, government spending, investment, and net exports.
3) Under the output approach, GDP is defined as total output minus intermediate consumption plus net indirect taxes. Value added is also introduced.
4) The income approach measures GDP as the sum of primary incomes including compensation, operating surplus, and taxes. GDP must equal GVA plus net indirect taxes under this approach.
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National income measures the total value of goods and services produced within an economy over a period of time without duplication. It is important for economists to measure national income to analyze economic growth, standard of living, and income inequality. National income can be measured using the product method, income method, or expenditure method. Each method involves estimating the total GDP, GNP, or NNP through summing the value of final goods/services, total income, or total expenditures respectively in an economy. There are challenges to accurately measuring national income such as avoiding double counting, accounting for transfer payments, and calculating depreciation. National income statistics are used for economic policy formulation, studying economic structure, and comparing economic welfare across countries.
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- Gross National Product (GNP) and Gross Domestic Product (GDP) measure the total value of goods and services produced over a period of time.
- GDP can be measured using the income, expenditure, and output approaches.
- National income statistics are useful but have limitations as they exclude non-market activities and may overstate or understate welfare.
- Other related concepts include inflation, price indices, real vs nominal values, and unemployment rates.
Ecolrt handouts (group 6)
1. GDP and GNP are measures of the total value of goods and services produced in an economy. GDP measures production within a country, while GNP includes income produced by citizens of that country from abroad.
2. There are three approaches to calculating GDP: expenditure, income, and output. The expenditure approach sums consumer spending, investment, government spending, and net exports. The income approach sums wages, rents, profits, and taxes.
3. Real GDP adjusts for inflation to measure the output in constant dollar terms, while nominal GDP does not adjust for inflation and can increase due to higher output or prices.
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3) Under the output approach, GDP is defined as total output minus intermediate consumption plus net indirect taxes. Value added is also introduced.
4) The income approach measures GDP as the sum of primary incomes including compensation, operating surplus, and taxes. GDP must equal GVA plus net indirect taxes under this approach.
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National income measures the total value of goods and services produced within an economy over a period of time. It is important for economists to measure national income to analyze economic growth, changes in living standards, and income inequality. There are several methods to calculate national income, including the product method, income method, and expenditure method. While measurement of national income provides useful information, it also poses challenges such as defining what constitutes a nation's production, avoiding double counting, and accurately calculating depreciation. National income statistics have various uses including formulating economic policies, studying economic structure, and making international comparisons.
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National income refers to the total value of all final goods and services produced in a country in a year. It includes goods and services produced domestically and income earned abroad by a country's citizens, minus income earned domestically by foreigners. There are various concepts used to measure national income, including gross domestic product (GDP), gross national product (GNP), net national product (NNP), personal income, and disposable personal income. National income is calculated using the expenditure, income, and production approaches.
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A. overvalued.
B. a good buy.
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Read more: http://www.arabbank.com.au/trade-finance/forward-exchange-contracts
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68) If the quote for a forward exchange contract is greater than the computed price, the forward contract is:
A. overvalued.
B. a good buy.
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D. at equilibrium.
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Similar to Oakland Schools Economics Moodle, Unit 3, Lesson 3
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It’s time to check your knowledge on the concepts presented in this section. Refer to the Answer Key at the end of the book for feedback.
1. Mateus is a marketer for a consumer products company. His company is considering marketing a new breakfast drink, but Mateus wants to make certain that there is a sufficient number of consumers in his target audience to make the new product development process worthwhile. Which essential factor of market segmentation is he analyzing?
Accessible
Differentiable
Actionable
Measurable
2. Wall Enterprises is considering developing a new product for a market segment that has been identified by marketing research. However, based on the research, it appears that the market segment may be smaller than originally anticipated. Which essential factor of market segmentation does this reflect?
Accessible
Differentiable
Substantial
Actionable
3. Alma is analyzing the market segment she has identified for a new service to determine whether her firm can reach the consumers in that market within the constraints of her budget, given the resources of the firm. Which essential factor of market segmentation does this reflect?
Accessible
Actionable
Substantial
Measurable
4. Idris has been researching a potential market segment for his company’s new product. He is concerned that, although the product holds considerable promise, the advertising campaign would be beyond the company’s budget. Which essential factor of market segmentation appears to be lacking in Idris’s analysis?
Differentiable
Substantial
Measurable
Accessible
5. Which essential factor in selecting a target market refers to the ability to accurately determine the size of the market in terms of either sales volume or number of customers?
Actionable
Differentiable
Measurable
Substantial
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National income measures the total value of goods and services produced in an economy over a period of time. It is important for economists to measure national income to assess economic growth, changes in living standards, and income inequality. National income can be measured using the expenditure approach, income approach, and value-added approach. The expenditure approach defines GDP as the total final expenditures by consumers, investors, the government, and net exports. The income approach defines GDP as the sum of all incomes received by producing factors. The value-added approach defines GDP as the sum of the value added from all sectors of the economy.
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National income can be measured using the product, income, and expenditure methods. Key concepts include GDP, GNP, NNP, personal income, disposable income, and per capita income. GDP is the total value of final goods and services produced domestically in a year. GNP includes net income from abroad. NNP deducts depreciation from GNP. Personal income subtracts certain items and adds transfers to national income. Disposable income deducts direct taxes from personal income.
Measuring GDP Dsp blackrock
GDP is a measure of the total value of goods and services produced in a country in a year. It can be calculated using the output, income, or expenditure methods. The output method sums the value added at each stage of production. The income method sums the incomes of households and companies. The expenditure method sums consumption, investment, government spending, and net exports. GDP is a key indicator of economic growth but does not account for income from abroad; GNP includes income earned domestically and abroad by a country's citizens and businesses. NNP further adjusts GNP by subtracting depreciation.
Gross National Product
The document discusses national income accounting and how it was developed in response to the Great Depression. It explains how GDP, GNP, and other measures are calculated and what they represent. Specifically, it outlines the three approaches to calculating GDP - output, income, and expenditure - and how GDP is used to measure a country's economic performance and standard of living. However, it also notes some limitations of GDP as an indicator.
424National Income (1).pptx
The document provides an outline for a course on national income. It covers key topics like measuring a nation's income, consumption, saving, investment, equilibrium in product and money markets, fiscal policy, business cycles, and growth models. It also describes the four sector economy consisting of households, private sectors, government, and foreign sectors. Circular flow of income between these sectors is illustrated. Important concepts like GDP, GNP, NDP, national income, and methods of measuring national income including product, income and expenditure methods are defined and explained in the document.
418National Income.pptx
The document provides an outline for a course on national income. It covers key topics like measuring a nation's income, consumption, saving, investment, equilibrium in product and money markets, fiscal policy, business cycles, and growth models. It also describes the four sector economy consisting of households, private sectors, government, and foreign sectors. Circular flow of income between these sectors is illustrated. Methods for calculating GDP like product, income, and expenditure are summarized. Key concepts like GNP, NNP, personal and disposable income are also briefly explained.
GDP trends in Indian Economy
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National income
National income is the total value of final goods and services produced in a country in one year. After independence, India established the National Income Committee to compile estimates. National income includes contributions from the primary, secondary, and tertiary sectors. It is measured using methods like expenditure, output, and income, which take factors like GDP, GNP, NDP, and NNP into account. National income plays a vital role in measuring a country's economic development.
Theory and Measurement in the Macroeconomy
This document discusses key macroeconomic measures used by governments, including GDP, GNP, NNP, NDP, and factors that influence comparing economic growth between countries. It also covers the circular flow of income, aggregate expenditure, consumption and investment functions, and differences between the Keynesian and monetarist approaches to macroeconomics.
National income
This document provides information about a seminar on National Income. It includes definitions of key concepts related to measuring national income such as Gross Domestic Product, Net Domestic Product, and Gross National Product. It discusses methods used to measure national income, including the product, income, and expenditure methods. It also outlines some of the difficulties in accurately measuring national income, such as how to account for non-market activities and government services. The document concludes by noting the importance of national income statistics for economic planning and development.
Chapters 20 and 21.pptx
1. The document discusses key concepts in macroeconomics including aggregate output, GDP, the circular flow of income, and aggregate demand and supply.
2. It explains how GDP is measured from the expenditure and income approaches and highlights the differences between nominal and real GDP.
3. The relationship between desired and actual aggregate expenditure is examined, distinguishing between autonomous and induced components of expenditure.
National income
National income measures the total value of goods and services produced in an economy over a period of time. It is important for economists to measure national income to analyze economic growth, changes in living standards, and income inequality. National income can be measured using the product method, income method, or expenditure method. Each method involves calculating GDP, GNP, NNP, and NDP to determine the total national income. There are challenges to accurately measuring national income, such as defining what is included, avoiding double counting, and calculating depreciation. National income statistics are used for economic policy formulation, analyzing economic structure, making comparisons over time and between countries, and as an indicator of economic welfare.
National income (expenditure method)
The expenditure method is the most widely used approach for estimating GDP. GDP is calculated by summing expenditures on final goods and services, including:
1) Consumer spending (C)
2) Government spending (G)
3) Business investment (I)
4) Net exports (Exports - Imports) (NX)
Using this formula: GDP = C + G + I + NX
Several expenditures are excluded from this calculation, such as purchases of used goods, financial assets, and transfers. The document provides examples of calculating GDP using expenditure data.
national income
National income is the total value of goods and services produced in an economy over a period of time. It can be measured using the final product approach, value added approach, and expenditure approach. The final product approach sums the market value of all final goods and services. The value added approach sums value added at each stage of production. The expenditure approach sums all final expenditures on goods and services, including consumption, investment, government spending, and net exports. There are challenges in accurately measuring national income, such as double counting, transfer payments, and difficulties in valuing non-monetary activities.
483159831-gdp-ppt.ppt
1) GDP is the total market value of all final goods and services produced within a country in a given period of time, usually a year. It can be calculated through the expenditure approach by adding consumption, investment, government spending, and net exports.
2) GDP growth reflects growth in productivity and living standards over the long run. However, GDP fluctuates in the short run due to business cycles, which include periods of expansion when GDP increases and recessions when GDP decreases.
3) While GDP is a key indicator of economic activity, it does not capture all factors that influence living standards such as household production, leisure time, or environmental quality. Alternative measures attempt to incorporate these limitations.
National income accounting
The document discusses different models of the circular flow of income and expenditure, including two-sector, three-sector, and four-sector models. It also defines key terms related to national income accounting such as GDP, GNP, NDP, and methods for calculating real GDP. The relationship between expenditure, output, and income methods for measuring GDP is explained. The document also distinguishes between GDP and GNP as well as defines personal and disposable income.
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Oakland Schools Economics Moodle, Unit 3, Lesson 3
- 1. Measuring Economic Growth-GDP Unit 3, Lesson 3
- 2. Gross Domestic Product (GDP) Definition: The market value of all final goods and services produced in a country in a year – Current/nominal GDP (measured for the given year, reflects inflation ) – Real GDP (set on a constant base year)
- 3. Gross Domestic Product (GDP) GDP is measured by totaling money spent on four categories: – Consumption (C) – Investment (I) – Government Spending (G) – Net Exports • Exports (X) - imports (M) – GDP= C+I+G+ (X-M)
- 4. Consumer and Government Spending • Consumer: The spending by households on goods and services. – A new car, food, clothes, college tuition, sporting event, health insurance. – Makes up 66% of GDP • Government: Spending by all levels of government on goods and services – Military, education, roads, healthcare – 25-35% GDP www.irle.berkeley.edu/events/spring08/feller/
- 5. Spending GDP (Consumer and Government) • How Divided? – Housing 24% – Health 14% – Food 12% – Transport 10%
- 6. Investment • Definition: Spending by businesses on capital – machinery, factories, equipment, tools, computers, new buildings, inventory – 12-14% of total GDP
- 7. Net Exports • Definition: Spending by people outside the United States on US produced goods and services (exports, or X) minus spending by people in the United States on foreign goods and service (imports, or M) – (X-M) = Net Exports – (X) Jonas Brothers sell CDs in Japan – (M) You buy a camera made in China
- 8. Gross Domestic Product How to Calculate • GDP is calculated by multiplying the quantity of each final good and service produced (Q) in a year by their estimated price (P) to get the dollar value (DV), and then adding all dollar values of each to get the total GDP. • GDP = C + G +I + (X-M) Consumer Spending Q x P = DV + Investment Q x P = DV + Govt. Spend Q x P = DV + Net Exports (X- M)
- 9. Gross Domestic Product How to Calculate Calculation Example # in the millions Cons. Goods 6m cars x $20,000= $120,000m Cons. Service 150m haircuts x $15= $2,250m Bus. Invest. 2m buildings x $300,000= $600,000m Govt. Spend. 1m roads x $5,000= $5,000m Net Exports 40m apples (export) x $1= $40m(X) 50m apples (import) x $1= $50m (M) GDP= $120,000m cars $ 2,250m haircuts $600,000m buildings $ 5,000m roads $727,350m - 10m net loss in apple exports $727,250m
- 10. Gross Domestic Product What’s Not Included • The GDP includes only final goods and services that have been purchased for final use. • Not Included – Intermediate goods • (battery comes with computer, wood to make paper) – Resale goods • (used car, selling your home) – Financial assets • (stocks and bonds) – Public or Private Transfer payments • (unemployment and social security, $ from parents) – Non-market service • (babysitting, painting your own house) – Underground economy • (illegal transactions)
- 11. An Alternative to GDP: GPI - Genuine Progress Indicator • Developed in 1995 • Attempts to measure factors not measured by GDP • Adjusts for income distribution • Focuses on economic well- being not monetary transactions • Adds for – Increase in leisure and vacation time – volunteer and non-market work
- 12. Genuine Progress Indicator (GPI) Subtracts for • Crime = $40 billion/yr • Pollution and loss of natural resources – Counts $1.2 billion in toxic clean-up costs decrease • Health care expenditures for preventable illness – Heart attacks – High blood pressure • Loss in infrastructure – From natural disasters or war • Foreign debt counts as negative – GDP can count as positive government spending
Editor's Notes
- a Includes all consumer and government purchases of goods (e.g., vehicles and fuel) and services (e.g., auto insurance) and exports related to transportation. b Includes all other categories, such as entertainment, personal care products and services, and payments to pension plans. Source: U.S. Department of Transportation, Bureau of Transportation Statistics, calculated from data in U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business, October 2001