Econ 2020, Topic 3
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GDP is the total market value of all final goods and services produced in an economy in a year. GDP is composed of consumption, investment, government expenditures, and net exports. GDP can increase due to higher prices, more output being produced, or a combination of both. Inflation is measured by percentage changes in price indexes like the GDP deflator or CPI and is used to calculate real GDP, real wages, and real interest rates by adjusting for price changes over time. Unemployment is linked to economic output through Okun's Law, which states that a 1% increase in unemployment results in a 2% decrease in potential GDP.
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The consumer price index (CPI) measures the cost of a basket of goods and services relative to the base year, and is used to calculate the inflation rate. The CPI imperfectly measures cost of living due to substitution bias, new products, and quality changes unaccounted for. It tends to overstate inflation by about 1% annually. The GDP deflator differs in including all goods and services produced rather than consumed, and automatically adjusting its basket over time. Price indexes are needed to correct dollar figures for inflation effects over different time periods.
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Running head: Fundamentals of Macroeconomics
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Fundamentals of Macroeconomics
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Fundamentals of Macroeconomics
Week 2 Assignment
ECO/372
Macro Economics is a study which is concerned with the economy as a whole and the level of total output which is also referred to as national income is a very important variable in any economy. National income measures the value of an output produced in an economy over a period of time and the policy makers should be aware of the level of economic activity taking place within the country on behalf of the nationals.
One of the most important objectives of the government is to increase the level of the rate of economic growth which is possible only be measuring the national income. The main uses of the national income statistics are:
1. It shows the current allocation of resources,
2. It helps the government in economic planning,
3. It helps measures the country’s standard of living, and
4. It helps in the comparison of the living standard between different countries.
There are some important concepts of National Income such as Gross Domestic Product, Gross National product, net National product and The GDP per capita.
Gross domestic product: “GDP is the total value of all output produced using resources located within the economy over a given period of time”. It refers to the market value of all final goods and services produced within a country in a given period (O'Sullivan, Arthur).
GDP measures the annual value of all economic activity taking place within the economy and the GDP measures are on a value added basis in order to avoid the problem of double counting. There are three ways of calculating the GDP but the results of all the three methods should be the same. They are:
· The Output Method.
· The Income Method.
· The Expenditure Method.
Nominal GDP: Also known as the money GDP is measured in terms of the prices operating in the year in which the output is produced. it is sometimes referred to as GDP at market prices. It can give a wrong impression about the performance of the economy, because of the changes in the value of money which depends on the price level, which is subject to changes. Normally the Nominal GDP converted into Real GDp which is a measure of adjustment for inflation is used to calculate the National performance. Real GDP therefore is: money GDP/ the price index of the current year X Price index of the base year or money GDP/ GDP deflator of the current year X Price index of the base year (HM Treasury, Background information on GDP and GDP deflator).
Unemployment rate: Employment is the total number of people with a job which includes the employees, businessmen and self employed people. The number employed may change over time due to many factors. While unemployment refers to those people who have registered, able, available and willing to work at the going wage rate at any suitable job but cannot find employment. Unemployment is measured at a point of time and.
Unit 3.1 3.2(gdp)
This document discusses key concepts in macroeconomics including:
1. Definitions and differences between macroeconomics and microeconomics, and between economic growth and economic development.
2. Methods of measuring national income including GDP, GNP, nominal GDP, and real GDP, and their limitations.
3. Components of the circular flow model including injections, leakages, and the flows between households, firms, and the government.
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The document discusses various measures of inflation and cost of living. The consumer price index (CPI) measures the cost of typical household purchases and is used to track inflation. However, the CPI has limitations and may overstate inflation by about 1% annually due to substitution effects, new products, and unmeasured quality changes. The GDP deflator similarly measures price changes but for all goods and services produced rather than consumed. Price indexes are necessary to correct dollar amounts for inflation when making comparisons over time or calculating real interest rates.
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BUSI 223Exercise 6 Instructions1. How much life insurance do y.docx
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
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The economy and marketing
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Economic defintions semsester 2 2011
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Unit 4 student
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Chap8
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Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
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Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
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- 1. Macroeconomic Measurement Spring 2013 Topic 3
- 2. Output and Growth GDP Total market value of all final goods and services produced in an economy in a year
- 4. Does this capture everything? Home production “Under the table” transactions Black market activity
- 5. Components of GDP Consumption Investment Government Expenditures Net Exports
- 7. Growth
- 8. Another approach The Sum of Price x Output What could cause GDP to increase?
- 9. Real vs. Nominal GDP Base year prices or current year prices
- 10. Inflation Measured by the percentage change of a price index Examples GDP Deflator Consumer Price Index (CPI)
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- 12. CPI Nominal Consumer Cost ÷ Real Consumer Cost 2012, November: 231.03
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- 15. An application to minimum wages Federal minimum wage, 1982: $3.35 Federal minimum wage, 2013: $7.25 Real wage = $3.14 Colorado minimum wage, 2013: $7.78 Real wage = $3.37
- 17. Historical data
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- 19. Using inflation data Finding real interest rates Example Interest rate on government debt = 2.04% Real rate is 2.04% - 1.8% = 0.24%
- 20. Using inflation data Finding real interest rates Indexing Cost of living adjustments
- 21. Biases to the measurement of inflation Substitution bias Quality bias New product bias Outlet bias
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- 23. Historical data
- 24. What is this measuring? BLS Link http://www.bls.gov/news.release/empsit.t15. htm
- 25. U-3 measure of unemployment Number Unemployed ÷ Labor Force
- 26. Labor force participation rate Labor Force ÷ Over 16 Population
- 27. Problems with U-3 Discourage workers Part-time workers Underemployed
- 28. Is all unemployment the same? Frictional Structural Cyclical
- 29. The “appropriate” amount of unemployment Zero cyclical unemployment Full employment rate of unemployment VERY roughly 5%
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