This document discusses various measures of national income and output, including gross domestic product (GDP) and gross national product (GNP). It defines GDP as the total market value of all final goods and services produced within a country in a given period. The document outlines two approaches to calculating GDP - the expenditure approach and the income approach. It also discusses related concepts like gross private domestic investment, government consumption, net exports, real GDP, and nominal GDP.
Which goods and services are best left to the market? And which are more efficiently and fairly provided as collective consumption goods by the state? This is at the heart of your revision of public goods. Central to your revision will be to understand why public goods may not be provided by the market. You can work this out by distinguishing between public and private goods and focusing on the ideas of rivalry and excludability in consumption. Students should understand the free rider and valuation problems – there are big debates in economics about the optimum size of the state. Rapid changes in technology are also changing the nature of what is and what is not a public good.
Which goods and services are best left to the market? And which are more efficiently and fairly provided as collective consumption goods by the state? This is at the heart of your revision of public goods. Central to your revision will be to understand why public goods may not be provided by the market. You can work this out by distinguishing between public and private goods and focusing on the ideas of rivalry and excludability in consumption. Students should understand the free rider and valuation problems – there are big debates in economics about the optimum size of the state. Rapid changes in technology are also changing the nature of what is and what is not a public good.
Meaning of economic development, core values in economic development, Developed countries, Underdeveloped countries, Characteristics , Difference between Economic Growth and Economic Development.
The economic literature ever since the dawn of modern economics has been much preoccupied with the issue of economic growth Economic growth has also been understood to establish the conditions for economic development The better-known models of economic growth such as the Lewis, Rostow Harrod Domar Solow, and Romer growth models are discussed
Market failure to take note of environmental impacts of economic activity. Why environmental effects are not included in perfect markets. Concept of public goods, externalities. Role of government.
Meaning of economic development, core values in economic development, Developed countries, Underdeveloped countries, Characteristics , Difference between Economic Growth and Economic Development.
The economic literature ever since the dawn of modern economics has been much preoccupied with the issue of economic growth Economic growth has also been understood to establish the conditions for economic development The better-known models of economic growth such as the Lewis, Rostow Harrod Domar Solow, and Romer growth models are discussed
Market failure to take note of environmental impacts of economic activity. Why environmental effects are not included in perfect markets. Concept of public goods, externalities. Role of government.
Introduction
In life, there are universal laws that govern everything we do. These laws are so perfect that if you were to align yourself with them, you could have so much prosperity that it would be coming out of your ears. This is because God created the universe in the image and likeness of him. It is failure to follow the universal laws that causes one to fail. The laws that were created consisted of the following: ·
Law of Gratitude: The Law of Gratitude states that you must show gratitude for what you have. By having gratitude, you speed your growth and success faster than you normally would. This is because if you appreciate the things you have, even if they are small things, you are open to receiving more.
Law of Attraction: The Law of Attraction states that if you focus your attention on something long enough you will get it. It all starts in the mind. You think of something and when you think of it, you manifest that in your life. This could be a mental picture of a check or actual cash, but you think about it with an image.
Law of Karma: the Law of Karma states that if you go out and do something bad, it will come back to you with something bad. If you do well for others, good things happen to you. The principle here is to know you can create good or bad through your actions. There will always be an effect no matter what.
Law of Love: the Law of Love states that love is more than emotion or feeling; it is energy. It has substance and can be felt. Love is also considered acceptance of oneself or others. This means that no matter what you do in life if you do not approach or leave the situation out of love, it won't work.
Law of Allowing: The Law of Allowing states that for us to get what we want, we must be receptive to it. We can't merely say to the Universe that we want something if we don't allow ourselves to receive it. This will defeat our purpose for wanting it in the first place.
Law of Vibration: the Law of Vibration states that if you wish on something and use your thoughts to visualize it, you are halfway there to get it. To complete the cycle you must use the Law of Vibration to feel part of what you want. Do this and you'll have anything you want in life.
For everything to function properly there has to be structure. Without structure, our world, or universe, would be in utter chaos. Successful people understand universal laws and apply them daily. They may not acknowledge that to you, but they do follow the laws. There is a higher power and this higher power controls the universe and what we get out of it. People who know this, but wish to direct their own lives, follow the reasons. Successful people don't sit around and say "I'll try," they say yes and act on it.
Chapter - 1
The Law of Attraction
The law of attraction is the most powerful force in the universe. If you work against it, it can only bring you pain and misery. Successful people know this but have kept it hidden from the lower class for centuries because th
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 ...
Attending a job Interview for B1 and B2 Englsih learnersErika906060
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"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
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Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
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Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
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2. Measuring of National Income and
Output
measures of national income and output are used in economics to
estimate total economic activity in a country or region,
including gross domestic product, gross national product, and net
national income.
All are specially concerned with counting the total amount of goods
and services produced within some "boundary".
The boundary is usually defined by geography or citizenship, and
may also restrict the goods and services that are counted. For
instance, some measures count only goods and services that are
exchanged for money, excluding bartered goods, while other
measures may attempt to include bartered goods
by imputing monetary values to them.
3. Gross Domestic Product
Gross domestic product (GDP) is the total
market value of all final goods and services
produced within a given period by factors of
production located within a country
4. National Income and Product
Accounts
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National income and product accounts are
data collected and published by the
government describing the various
components of national income and output in
the economy.
The U.S. Department of Commerce is
responsible for producing and maintaining
the ―National Income and Product Accounts‖
that keep track of GDP.
5. Final Goods and Services
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The term final goods and services
in GDP refers to goods and
services produced for final use.
Intermediate goods are goods
produced by one firm for use in
further processing by another firm.
6. Value Added
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Value added is the difference between
the value of goods as they leave a
stage of production and the cost of the
goods as they entered that stage.
In calculating GDP, we can either sum up
the value added at each stage of
production, or we can take the value of
final sales.
7. Exclusions of Used Goods
and Paper Transactions
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GDP ignores all transactions in
which money or goods change
hands but in which no new goods
and services are produced.
8. Exclusion of Output Produced Abroad
by Domestically Owned Factors of
Production
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GDP is the value of output produced by
factors of production located within a
country. Output produced by a
country’s citizens, regardless of where
the output is produced, is measured by
gross national product (GNP).
9. Calculating GDP
GDP can be computed in two ways:
The expenditure approach: A method of
computing GDP that measures the total amount
spent on all final goods during a given period.
The income approach: A method of computing
GDP that measures the income—
wages, rents, interest, and profits—received by all
factors of production in producing final goods
10. Personal Consumption Expenditures
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Personal consumption expenditures (C) are
expenditures by consumers on the following:
Durable goods: Goods that last a relatively
long time, .
Nondurable goods: Goods that are used up
fairly quickly, .
Services: Things that do not involve the
production of physical things,.
11. Gross Private Domestic Investment
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Investment refers to the purchase of new
capital.
Total investment by the private sector is
called gross private domestic investment. .
12. Gross Private Domestic Investment
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Nonresidential investment includes expenditures
by firms for machines, tools, plants, and so on.
Residential investment includes expenditures by
households and firms on new houses and
apartment buildings.
Change in inventories computes the amount by
which firms’ inventories change during a given
period. Inventories are the goods that firms
produce now but intend to sell later.
13. Gross Private Domestic Investment
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Remember that GDP is not the
market value of total sales during a
period—it is the market value of
total production.
The relationship between total
production and total sales is:
GDP = final sales + change in business inventories
14. Gross Investment
versus Net Investment
14 of 38
Gross investment is the total value of all newly
produced capital goods
(plant, equipment, housing, and inventory)
produced in a given period.
Depreciation is the amount by which an asset’s
value falls in a given period.
Net investment equals gross investment minus
depreciation.
capitalend of period = capitalbeginning of period + net investment
15. Government Consumption
and Gross Investment
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Government consumption and gross
investment counts expenditures by
federal, state, and local governments
for final goods and services.
16. Net Exports
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Net exports (EX – IM) is the difference
between exports and imports. The figure
can be positive or negative.
Exports (EX) are sales to foreigners of
U.S.-produced goods and services.
Imports (IM) are U.S. purchases of goods
and services from abroad).
17. The Income Approach
17 of 38
National income is the total income
earned by the factors of production
owned by a country’s citizens.
The income approach to GDP breaks
down GDP into four components:
GDP = national income + depreciation + (indirect taxes – subsidies)
+ net factor payments to the rest of the world + other
18. From GDP to Disposable Personal
Income
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Net national product equals gross national
product minus depreciation; a nation’s total
product minus what is required to maintain
the value of its capital stock.
Personal income is the income received by
households after paying social insurance
taxes but before paying personal income
taxes.
19. Disposable Personal Income and
Personal Saving
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The personal saving rate is the percentage
of disposable personal income that is saved.
If the personal saving rate is
low, households are spending a large
amount relative to their incomes; if it is
high, households are spending cautiously.
20. Nominal Versus Real GDP
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Nominal GDP is GDP measured in current dollars,
or the current prices we pay for things. Nominal
GDP includes all the components of GDP valued at
their current prices.
When a variable is measured in current dollars, it
is described in nominal terms.
21. Calculating Real GDP
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A weight is the importance attached to an item within a
group of items.
A base year is the year chosen for the weights in a
fixed-weight procedure.
A fixed-weight procedure uses weights from a given
base year.
22. Calculating the GDP Deflator
22 of 38
The GDP deflator is one measure of the overall
price level. The GDP deflator is computed by the
Bureau of Economic Analysis (BEA).
Overall price increases can be sensitive to the
choice of the base year. For this reason, using
fixed-price weights to compute real GDP has some
problems.
23. The Problems of Fixed Weights
23 of 38
1. Structural changes in the economy.
2. Supply shifts, which cause large decreases
in price and large increases in quantity
supplied.
3. The substitution effect of price increases.
The use of fixed price weights to estimate real GDP
leads to problems because it ignores:
24. GDP and Social Welfare
24 of 38
Society is better off when crime decreases,
however, a decrease in crime is not
reflected in GDP.
An increase in leisure is an increase in
social welfare, but not counted in GDP.
Nonmarket and household activities are not
counted in GDP even though they amount
to real production.
25. GDP and Social Welfare
25 of 38
GDP accounting rules do not adjust for
production that pollutes the environment.
GDP has nothing to say about the
distribution of output. Redistributive
income policies have no direct impact on
GDP.
GDP is neutral to the kinds of goods an
economy produces.
26. The Underground Economy
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The underground economy is the part of
an economy in which transactions take
place and in which income is generated
that is unreported and therefore not
counted in GDP.
27. Gross National Income per Capital
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To make comparisons of GNP between
countries, currency exchange rates must be taken
into account.
Gross National Income (GNI) is a measure used to
make international comparisons of output. GNI is
GNP converted into dollars using an average of
currency exchange rates over several years
adjusted for rates of inflation.
GNI divided by population equals gross national
income per capita.