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macroeconomics

NATIONAL INCOME ACCOUTING

QuestionAnswer
what is th definition of GDP? total market value of all final good and services produce unnually within the nation durin agive period of time
Good and service produce are divided into 2 categories,what are they?? 1)intermediate goods 2)final good and services
what is intermediate goods give some examples? product that can be resold and use in further stages of production example:*APPLE THAT ARE PRODUCED TO MAKE APPLE JUICE *Steel - a raw material used in the production of many other goods, such as bicycles.
what is final good and services? product that are purchased and ready for consumption example:an apple purchased by wife * a bicycle purchased by a father.
what are the 3 approaches to compute GDP? *OUTPUT EXPENDITURE *EXPENDITURE METHOD *INCOME METHOD
what is output method? summings up all the value of all good and services producing in a country.
what is expenditure method? a years expenditure to purchase a nations production
what is income method? summs of all incomes of household form of wages ,salaries,profits,rents and interest.
how is output method measured?? by adding market value of newly produce good and services EXCLUDES the intermediate goods.
how expenditure method is measure? adding total expenditure of final goods and services produces
how is income approach measured? *Compensation of Employees *Proprietor’s income *Rental income *Net Interest *Corporate Profits
what are the components of GDP in expenditure method? *{C}>>CONSUMPTION *{I}>>INVESTMENT *{G}>>GOVERNMENT EXPENDITURE *{Xn}>NET EXPORT)/( EXPORT-IMPORT)
term capital as used in macroeconomics refers to? plant,equipmen,building,and inventories of raw material n semi finished goods
compensation of employees refers to? PAYMENT FOR LABOUR SERVICES Examples:WAGES/SALARIES/WORKERS BENEFITS N OTHER WAGE/ SALLY SUPPLEMENT IF APPLICABLE.
what is Proprietor’s income? the incomes from the incoperated business such FARMERS,PARTNERSHIP,PROFESSIONAL,COPOPERATIVES
explain what is rental income? income received by individuals for the use of their nonmonetary assets like house,car,land,offices
what is Net interest? interest households receive on loans minus theinterest households pay on their borrowing includes bank deposit, interest earned on loans to firms
what is corporate profits? *coperate income tax *dividens *undistrubuted corperate profits
Pesonal income? all income received by individuals
disposal income? personal income thats is available to spend,save,or to pay personal income tax
define GNP? market value of goods n services produce by national whether its in the country or abroad
definE GDP Deflator? Measures changes in the average level of prices of all goods and services that make up the GDP
what is CPI? Measures changes in the average level of prices of some fixed basket of consumer goods and purchased by typical households
Created by: llpo