Unit 14 economic indicators
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Economic indicators such as unemployment rate, real GDP, and inflation rate are used to measure how well the economy is doing currently and is expected to do in the future. Unemployment refers to civilians within the labor force who are not currently working but are looking for jobs, which is tracked as a percentage of the civilian labor force. Inflation is defined as a general increase in price levels over time, which the government tracks monthly using the Consumer Price Index to sample prices of common consumer goods. Gross Domestic Product represents the total value of all final goods and services produced within a country in a year.
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The document discusses various economic measurements and factors that are used to evaluate the strength of a nation's economy, including Gross Domestic Product (GDP), standard of living, inflation rate, unemployment rate, productivity, and others. It provides examples and charts to illustrate trends in these measurements in the United States over recent decades, finding generally stable inflation, low unemployment, and increasing productivity and GDP.
Intro to Macroeconomics
Macroeconomics studies the economy as a whole, looking at factors like GDP, unemployment rates, inflation, and how governments can influence economic performance. GDP is the total value of goods and services produced in a country in a year, and can be calculated through expenditures on consumption, government spending, investments, and net exports. Unemployment rates measure what percentage of the labor force is unemployed, and different types of unemployment include structural, frictional, cyclical, and seasonal. Inflation is measured through the Consumer Price Index, which tracks price changes in a basket of consumer goods and is used to calculate inflation rates.
Intro to Macroeconomics
Macroeconomics studies the economy as a whole, measuring national economic performance through indicators like Gross Domestic Product (GDP). GDP is the total value of goods and services produced within a country in a year. It is calculated through expenditures on consumption, government spending, investments, and net exports. Unemployment rates and types like structural and frictional unemployment are also used to measure employment and identify when an economy is not using all its resources efficiently. Inflation is measured through the Consumer Price Index (CPI), which tracks price changes in consumer goods to calculate inflation rates.
Unit 4.ppt
This document provides information about measuring economic performance, including GDP, GDP per capita, inflation, unemployment, and business cycles. It discusses how economists calculate GDP using the expenditures approach and defines real GDP. It explains how the consumer price index is used to measure inflation and defines the labor force in determining the unemployment rate. The document also introduces aggregate supply and demand analysis and how it can explain economic fluctuations between expansion, peak, contraction, and trough.
Unit 14 government spending and revenue
The document provides information about the federal budget process and fiscal policy in the United States. It discusses budget deficits and debt, the main sources of government revenue and expenditures, different types of taxes, and key economic indicators.
Unit 14 government spending and revenue
The document provides information about the federal budget process and fiscal policy in the United States. It discusses key topics such as government spending, revenues, taxes, deficits, and debt. It also covers economic indicators and concepts including GDP, unemployment, inflation, and the business cycle.
Gross Domestic ProductErskine S. Walther, Ph.D.G.docx
Gross Domestic Product
Erskine S. Walther, Ph.D.
GDP: Defined
GDP: The market value of all final goods and services produced in an economy in a specific period of time.
Market Value: The measurement is in current prices, this known as Nominal GDP or just GDP.
Final Goods and Services: Goods and services that have reached their final usage. They are not used to produce another good or service. Goods that are used in that way are Intermediate Goods.
Intermediate Goods and Services are those that are used as inputs into the production of other goods and services. There are not directly counted in GDP as their value is included in the value (price) of the final goods and services. Thus, counting them directly would double count the same output. However, if the intermediate good has not been sold, it is counted in GDP as inventory.
GDP Defined: continued
Specific Period of Time: GDP can be computed for a month, a quarter or a year. The most common measures are annually and quarterly.
Formal, Legal Markets: Only goods and services that are traded in formal, legal markets are counted in GDP.
Underground Economy: The underground economy is composed of economic transactions involving activities that are not legal activities in a given society. These are not included in GDP. Illegal drugs and illegal gambling are common examples.
Informal Economy: These are legal activities that do no go through formal markets. They are not included in GDP. Income not reported for taxation purposes or work done for barter are examples of informal economic activities.
Some authors include legal activities as part of the underground economy definition.
GDP Defined: continued
Household Production: Productive activities done in and for the household are not counted in GDP as there is no direct monetary payment for such activities. (If you give children an allowance for household chores that would be part of the informal economy. If you clean your own home, that is household production.)
Leisure Activities: Leisure activities that do not involve the purchase of goods and services are not counted in GDP.
Spending an afternoon with family and friends that does not involve buying goods or services would not be counted in GDP as no economic transaction has occurred.
A vacation involving paid activities does count in GDP as goods and services are purchased.
GDP: Purpose
The Purpose of GDP is to measure the total output of goods and services in any economy during a specific period of time.
GDP is Value Neutral: It makes no judgments regarding product quality or whether or not a good or service is “good” for you. Those judgments are left to the consumer who is assumed to be able to make intelligent decisions that reflect their own personal tastes, preferences and values.
Changes in GDP measure economic growth.
Economic growth is the increase in the output of goods and services in an economy over a specific period of time. This must b ...
Indices of economic trends
This document provides an overview of key economic indicators and concepts including:
1. Economic trends are measured using indicators like Gross National Product (GNP) and Gross Domestic Product (GDP) to analyze a country's economic performance.
2. GNP measures the total value of goods and services produced by a country's citizens both domestically and abroad, while GDP only includes domestic production.
3. Other indicators discussed include Net National Product (NNP), Net Domestic Product (NDP), Balance of Payments, inflation rates, Wholesale Price Index, and Consumer Price Index.
4. Full employment, quality of life, and the effects of inflation on economies are also summarized.
Unit 4 na student version
This document discusses key macroeconomic indicators used to measure and analyze the overall economy. It covers gross domestic product (GDP), which measures total output; the GDP expenditure model; inflation and how it is calculated using price indices; unemployment rates and types; and the business cycle of economic expansions and contractions. Real GDP is used to account for inflation changes over time. The unemployment rate shows what percentage of the civilian labor force is unemployed. Business cycles are measured by changes in real GDP and different economic indicators can predict expansions or contractions in the near future.
Trends of national income in india
1) National income of India constitutes the total amount of income earned by the whole nation and originated both within and outside its territory during a particular year.
2) Estimates of national income are made using various methods including output, income, and expenditure. Data is provided by government agencies and surveys.
3) India's national income has grown significantly since independence, with the economy experiencing periods of modest growth, recovery, and higher growth during the post-reform period from 1992 onward.
Unit 14 government spending
The document provides information about key economic concepts including:
1. It defines key government budget terms like federal budget, budget resolution, budget deficit, and debt.
2. It lists the top sources of US government revenue as individual income taxes, payroll taxes, corporate income taxes, and excise taxes.
3. It explains important economic indicators that measure the health of the economy such as GDP, unemployment, inflation, and the consumer price index.
Economic indicators
The document discusses various economic indicators that are used to analyze the health and performance of an economy. Some key indicators mentioned include:
- Gross Domestic Product (GDP), which measures total economic output within a country.
- Employment and wage data like the unemployment rate, which can show how many people are working.
- Productivity measures how efficiently factories and businesses are operating.
- Price indices that track inflation rates and cost of living changes.
- Exchange rates, interest rates, and money supply statistics that influence trade and monetary policy decisions.
Stone ch16 lecture_powerpoints
This document discusses key economic indicators like inflation and unemployment. It defines inflation, lists common inflation measures like the CPI and PPI, and outlines drawbacks of the CPI. Unemployment is defined as those without a job but seeking work. Common types of unemployment include frictional, structural, and cyclical. Factors like minimum wages and recessions can impact unemployment levels.
National Income
There are three main measures of a nation's income:
1. Total value of goods and services produced
2. Total income received by households and businesses
3. Total spending by households, businesses, government, and foreign purchasers
National income is measured at both current and constant prices to allow for comparisons over time after adjusting for inflation. GDP and GNP are the most widely used measures of national income.
What is Economy
The document provides an overview of key economic concepts including microeconomics, macroeconomics, positive economics, normative economics, demand, determinants of demand, law of demand, supply, determinants of supply, law of supply, market structures, economic growth, factors affecting economic growth, sectors of the Indian economy, inflation, deflation, balance of trade, balance of payments, GDP, GNP, NNP, purchasing power parity, human development index, and classifications of countries based on their level of economic development.
Sylvia f.
This document discusses inflation trends and effects in India. It defines inflation as a sustained increase in the general price level. Inflation is measured through the wholesale price index (WPI) and consumer price index (CPI) in India. The WPI tracks weekly wholesale price movements across 435 commodities, while the CPI measures average consumer goods and service prices. Effects of inflation include an inefficient market, hoarding of commodities, discouraging investment and saving, and impacts on income, imports, and exports.
Economics 7
National income is a measure of the total value of goods and services produced in an economy over a period of time, usually one year. It can be measured as the total income earned from production or the total spending on production. There are several definitions of national income but they generally refer to it as the total output or income of a nation. National income is commonly measured using Gross Domestic Product (GDP), Gross National Product (GNP), Net Domestic Product (NDP), and Per Capita Income (PCI). It is calculated using the Product Method, Income Method, and Expenditure Method by considering factors like consumption, investment, government spending, and trade flows.
UNIT 2 Therotical framework.pptx
The document defines several economic concepts and provides information on calculating gross domestic product (GDP) and national income. It discusses how GDP is measured using the expenditure, production, and income approaches. GDP can be nominal or real, with real GDP adjusting for inflation. National income includes factors like household income, gross national income, and net domestic product. Per capita GDP and income are also covered, which divide metrics by population. Economic growth rates represent the percentage change in variables like GDP over time.
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Gross Domestic ProductErskine S. Walther, Ph.D.G.docx
Gross Domestic ProductErskine S. Walther, Ph.D.G.docx
Unit 14 economic indicators
- 1. Unit 14 Notes on GDP, Real GDP, Unemployment and more