National Income Accounts

Slides:

Advertisements

Similar presentations

Measuring National Output and National Income

Advertisements

1 Chapter 2:The Measurement and Structure of the Canadian Economy National Income Accounts – An accounting framework to measure current economic activity.

Gross Domestic Product (GDP) The sum of the flow of all final economic goods and services produced by the domestic economy during a relevant period of.

WHAT’S IN GDP? An activity for “The ABCs of GDP” (Extra Credit Spring 2009)

Chapter 11 Practice Quiz Tutorial Gross Domestic Product

THE MEASUREMENT AND STRUCTURE OF THE CANADIAN ECONOMY

7 - 1 Copyright McGraw-Hill/Irwin, 2005 Assessing the Economy’s Performance Gross Domestic Product Expenditures Approach Income Approach Other National.

Gross Domestic Product (GDP)– market value of all final goods and services produced in an economy during a given period, usually a year. In 2009, the GDP.

Chapter 7 Chapter 7 Measuring Domestic Output, National Income & Price Level.

Measuring National Output Chapter 5. Economic goals  Economic growth  Full employment  Low inflation  An economy grows because of increases in available.

Economic Performance. Judging the Economy Indictators Leading Predict what the economy will do Coincident Current status of the economy Lagging.

Taking the Nation’s Economic Pulse

Gross Domestic Product (GDP)  GDP is the market value of all final goods and services produced within a nation in a year  GDP is an aggregate measure.

Economic Goals and how we measure them Growth Growth Unemployment Unemployment Inflation Inflation.

1 LECTURE 1 The Circular Flow and National Income Accounting.

7 McGraw-Hill/IrwinCopyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Measuring Domestic Output and National Income.

1 Gross Domestic Product ©2006 South-Western College Publishing.

Gross Domestic Product & Growth Macroeconomics – Part 1.

Gross Domestic Product Measuring national productivity.

Eco 200 – Principles of Macroeconomics Chapter 7: National Income Accounting.

MACRO E conomics Unit 3: Measuring Growth using GDP “The stock market and economy are two different things..” -- Milton Friedman “The annual labour of.

WHAT’S IN GDP? An activity for “The ABCs of GDP” (Extra Credit Spring 2009)

Measuring Domestic Output, National Income, and the Price Level 7 C H A P T E R.

Measuring the Economy. Vocabulary Gross Domestic Product (GDP) GDP per Capita Base Year Business Cycle Prosperity Recession Depression Recovery Inflation.

Gross Domestic Product (GDP)  GDP is the market value of all final goods and services produced within a nation in a year  GDP is an aggregate measure.

Do Now List the 3 major goals of economic policymakers. What measures can we use to quantify the performance of the economy in these three areas?

7 - 1 Copyright McGraw-Hill/Irwin, 2002 Importance of Macroeconomic Measurement Gross Domestic Product Expenditures Approach Income Approach Other National.

Topic 2 - Measuring a Nation’s Income. Understanding Stocks and Flows The distinction between a stock and a flow is very important. A stock is a position.

AIM: How can Veritas Academy Seniors impact the United States GDP?

For all countries there are three major economic goals:

Gross Domestic Product GDP

Activity Move around the room to find a match to the card handed to you by Mrs. Incardona When a match is found see Mrs. Incardona if it’s correct go.

Do Now - GDP Why, do you think, it is important for individuals, businesses, and countries to track what they produce over the course of a year? What are.

Chapter 22 Measuring a Nation’s Income

Gross Domestic Product

TO BE or Not to Be GDP That is the Question.

Gross Domestic Product & Growth

Chapter 4: Measuring GDP and Economic Growth

Gross Domestic Product GDP

Measuring Domestic Output and National Income

U.S. Macroeconomic Goals

MACRO ECONOMICS.

The Circular Flow and Gross Domestic Product and Interpreting Real Gross Domestic Product Lesson 23 Sections 10, 11.

4 GDP & National income accounting

Gross Domestic Product

ECN 200: Introduction to Economics Macroeconomic Aggregates

Gross Domestic Performance

Gross Domestic Product

Measuring Domestic Output and National Income

Gross Domestic Product (GDP) Basics

Measuring Domestic Output,

Measuring Domestic Output and National Income

MacroEconomics Study of choices made by entire economies (Nations) or groups of Nations (i.e. EU) to satisfy unlimited wants and needs with limited resources.

Gross Domestic Product and other Indicators

Macroeconomics ECN 3102 CHAPTER 2.

Measuring Domestic Output and National Income

GDP Gross Domestic Product

Anonas, Aquino, Gayanelo, Taylo

GDP Made Simple.

Tracking the Macroeconomy

Anonas, Aquino, Gayanelo, Taylo

An activity for “The ABCs of GDP” (Extra Credit Spring 2009)

MACRO ECONOMICS.

Source: books and web materials

Gross Domestic Product & Growth

What is the GDP?.

An activity for “The ABCs of GDP” (Extra Credit Spring 2009)

© EMC Publishing, LLC.

Why GDP Is Important.

Presentation transcript:

National Income Accounts

GDP (Gross Domestic Product) is the total market value of all final goods and services produced within a country’s borders in a single year—currently $18 T GNP (Gross National Product) is the total market value of all goods and services produced by Americans in a year.

What is included in GDP? Consumer spending (C)--accounts for 70% of GDP. Durable goods Non-durable goods services

Business investment (I) Capital goods Increases in business inventories (unsold items) All construction, including houses

Government purchases of goods and services (G) Net exports, which is exports minus imports (X-M, or Xn)

What is excluded from GDP? Purely financial transactions Transfer payments, like social security or unemployment insurance payments Securities transactions—stocks and bonds Used goods Do-it-yourself work Underground economy

Real vs. Nominal GDP Real GDP has been adjusted for inflation (prices rising) or deflation (prices decreasing) Nominal GDP is expressed in current year prices. Real GDP per capita is used to define a nation’s standard of living