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National income accounting helps Assess the economy's health by monitoring production and employment levels, Track the economy's long-run growth trajectory, adjust economic policies to safeguard and improve the economy's health
Primary measure of an economy's performance is its aggregate output/total output(several types like GDP)
GDP only counts the value of final goods/services produced domestically(not intermediate goods/services)
To add the value of different items, you sum up their total monetary value(to find market value)
GDP excludes nonproduction transactions since they are purely financial transactions and secondhand sales
Financial Transactions EX: Public transfer payments/Private transfer payments/Stock market transactions
Economist consider the US economy as a service economy
GPDI are economic investments(tools and recipes)
Private Businesses, not gov
Gross all investment goods(including ones replacing worn out goods)
Net resultant amount of two or more variables
Nominal GDP to Real GDP method 1 Find nGDP Compute a GDP price index Divide each year's nGDP by that years price index
Nominal GDP to Real GDP method 2 Break down nGDP into quantities/price s each year Find real GDP each year by figuring out prices for base year from data collecte
Real-word GDP is more complicated to calculate
GDP shortcomings as a measure of total output/well-being: Nonmarket Activities/Leisure and Psychic income(less work hours)/Improved Product Quality/The Underground Economy/GDP effect on environment/Composition and Distribution Output/Noneconomic sources of well-being
Created by: MathMatt
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