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Слайды и текст к этой презентации:
№1 слайд
Содержание слайда: Macroeconomics
GDP
Income
Economic Growth
Zharova Liubov
№2 слайд
Содержание слайда: GDP = is the monetary value of all the finished goods and services produced within a country's borders in a specific time period
Includes all domestic production in a boarders
Monetary measurement of value
To avoid multiple counting – must include ONLY new production (sold to consumers)
Does NOT include:
intermediate goods (ex: tires for new auto)
public transfer payments (welfare payment)
private transfer payments (cash gifts)
stock market transactions (stocks & bonds)
secondhand sales (used books, cars, homes)
№3 слайд
Содержание слайда: Approaches to calculate GDP
Expenditure & Income Methods
Expenditure Method – count all new goods & services that are purchased by: consumers, businesses, government, & net exports (X – M = Xn)
GDPExpenditure =C + I + G + NX
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№8 слайд
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№12 слайд
Содержание слайда: Expenditure approach for 1 product economy
Roaster
Wages $15,000
Taxes $5,000
Revenue $35,000
beans sold to public $10,000
beans sold to coffee bar $25,000
Coffee bar
Wages $10,000
Taxes $2,000
Beans bought from roaster $25,000
Revenue from coffee sold to public $40,000
№13 слайд
Содержание слайда: Expenditure approach for 1 product economy
Winegrower
Wages $20,000
Taxes $7,000
Revenue $50,000
sold to public $20,000
sold to wine-maker $30,000
Wine-maker
Wages $18,000
Taxes $8,000
Grapes from winegrower $30,000
Revenue from wine sold to public $40,000
№14 слайд
Содержание слайда: Product approach
GDP is the sum of the value added created in all the sectors of the economy.
Value added is sales minus materials, intermediate inputs and energy costs.
The value of a final good is equal to the value added at each stage of production.
Expenditure method = Production Method
№15 слайд
Содержание слайда: Product approach for 1 product economy
Roaster
Wages $15,000
Taxes $5,000
Revenue $35,000
beans sold to public $10,000
beans sold to coffee bar $25,000
Coffee bar
Wages $10,000
Taxes $2,000
Beans bought from roaster $25,000
Revenue from coffee sold to public $40,000
№16 слайд
Содержание слайда: Expenditure approach for 1 product economy
Winegrower
Wages $20,000
Taxes $7,000
Revenue $50,000
sold to public $20,000
sold to wine-maker $30,000
Wine-maker
Wages $18,000
Taxes $8,000
Grapes from winegrower $30,000
Revenue from wine sold to public $40,000
№17 слайд
Содержание слайда: Income method
Income Method – count all earnings received by those who produce the goods & services
Workers, owners of property, interest earned on savings, profit earned by business owners (proprietors, partners & corporation stockholders)
Requires some accounting adjustments => Expenditures = Income (must balance)
National income => all citizens supplied resources (here & abroad)
№18 слайд
Содержание слайда: Consumption (C)
Consumption (C)
Investment (I)
Government purchases (G)
Exports (X)
Imports (M)
Taxes (T)
Saving (S)
(I - S) + (G - T) + (X - M) = 0
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№22 слайд
Содержание слайда: Income approach for 1 product economy
Roaster
Wages $15,000
Taxes $5,000
Revenue $35,000
beans sold to public $10,000
beans sold to coffee bar $25,000
Coffee bar
Wages $10,000
Taxes $2,000
Beans bought from roaster $25,000
Revenue from coffee sold to public $40,000
№23 слайд
Содержание слайда: Income approach for 1 product economy
Winegrower
Wages $20,000
Taxes $7,000
Revenue $50,000
sold to public $20,000
sold to wine-maker $30,000
Wine-maker
Wages $18,000
Taxes $8,000
Grapes from winegrower $30,000
Revenue from wine sold to public $40,000
№24 слайд
Содержание слайда: GDP – by sum of Spending, Factor Incomes or Output
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№26 слайд
Содержание слайда: GDP (BEA commentaries)
The entries on the right side of account 1 show the approach used by BEA for deriving GDP: It is measured using the expenditures approach – that is, as the sum of purchases by final users.
The left (income) side – the sum of all the incomes earned and costs incurred in production.
Specifically, the left side shows GDI as the sum of the income earned by labor, governments and entrepreneurs and the consumption of fixed capital.
In theory, GDI should be equal to GDP. In practice, differences in the source data used to estimate the two measures result in a “statistical discrepancy,” which, in the NIPAs ( national income and product accounts), is calculated as GDP less GDI.
Because the source data used to develop the product-side estimates of the account are based on more comprehensive surveys and censuses, BEA considers them more reliable. Therefore, the statistical discrepancy appears as a component on the income side of the account to equate GDI with GDP.
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Содержание слайда: GDP – Nominal vs. Real
Nominal = current year prices
Real = prices adjusted for inflation
Nominal > Real (in the most cases)
Nominal GDP is used when comparing different quarters of output within the same year. When comparing the GDP of two or more years, real GDP is used because, by removing the effects of inflation, the comparison of the different years focuses solely on volume.
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Содержание слайда: USA GDP Nominal and Real
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Содержание слайда: Example
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Содержание слайда: Deflator GDP
GDP deflator is an index of the price level relative to some base year.
It is the cost of purchasing the goods that represent GDP relative to the cost of purchasing the exact same goods if they had been sold at the prices prevailing in the base year
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№35 слайд
Содержание слайда: What is the relationship between GDP deflator & CPI?
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Содержание слайда: Example
№38 слайд
Содержание слайда: Inflation