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Chapter 8 notes, part 2

by: Joe Wise

Chapter 8 notes, part 2 ECON 222 001

Joe Wise
GPA 3.86
Principles of Macroeconomics
Chandini Sankaran

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About this Document

Here are the notes from Chandini's lecture on October 1, 2015. It's mostly about GDP and how it's calculated.
Principles of Macroeconomics
Chandini Sankaran
Class Notes
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This 1 page Class Notes was uploaded by Joe Wise on Monday October 5, 2015. The Class Notes belongs to ECON 222 001 at University of South Carolina taught by Chandini Sankaran in Summer 2015. Since its upload, it has received 45 views. For similar materials see Principles of Macroeconomics in Economcs at University of South Carolina.


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Date Created: 10/05/15
October 1 2015 As you remember from last week Gross Domestic Product can be calculated several ways 0 Income method wages rent profit interest 0 Expenditure method consumption investments government purchases net exports 0 Output method total dollar value of output Income method The income method is the most commonly used method to calculate GDP in the United States because the IRS collets most of the necessary information for it anyways It s relatively straightforward adding up all wages rent profit and interest collected by citizens within the country Wages represent the largest portion of income method GDP Expenditure method Expenditure method is a bit more challenging to calculate than income method Consumption includes all goods and services that households purchase excluding purchases of new houses Consumption can be divided into services durable goods and nondurable goods Investments include spending by households on new houses or spending by firms on factories equipment buildings and other resources used to produce things Government purchases include all spending by government at the federal state and local levels Net exports is just all of a country s exports minus its imports A country is said to have a trade surplus when it exports more than it imports and a trade deficit when it exports less than it imports Output method Output method is taken by just measuring the market value of all final goods produced within a country Now let s remember GDP does not include 0 Goods produced illegally 0 Intermediate goods 0 Secondhand goods 0 Transfer payments such as social security or welfare 0 Goods produced and used without ever entering the market


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