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Ch 23 GDP

by: Lori Richardson

Ch 23 GDP ECON 201

Lori Richardson
LA Tech
GPA 3.6
Economic Principles and Problems
Hung Nguyen

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Economic Principles and Problems
Hung Nguyen
Class Notes
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This 3 page Class Notes was uploaded by Lori Richardson on Sunday October 18, 2015. The Class Notes belongs to ECON 201 at Louisiana Tech University taught by Hung Nguyen in Fall 2015. Since its upload, it has received 37 views. For similar materials see Economic Principles and Problems in Economcs at Louisiana Tech University.


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Date Created: 10/18/15
Economics 201 Test 2 Ils 231 The Economy s Income and Expenditures 0 GDP measures two things at once Total income of everyone in the economy Total expenditure on the economy s output of goods and services 0 For an economy as a whole income must equal expenditure 0 Computing GDP in two ways Adding up income Adding up expenditure is 232 The measurement of GDP 0 GDP The market value of all nal goods and services produced within a country in a given period of time Includes only the value of nal goods Seasonal Adjustment Statistical Discrepancy The difference between the two calculations of GDP is 233 The Components of GDP 0 GDP divided into four categories Consumption Investment Governmental Purchases Net Exports 0 Y C I G NX 0 Consumption Spending by households on goods and services with the exception of purchases of new housing 0 Investment The purchase of goods that will be used in the future to produce more goods and services 0 Governmental Purchases Spending on goods and services by local state and federal governments 0 Net Exports The foreign purchases of domestically produced goods minus the domestic purchases of foreign goods exportsimports a 234 Real v Nominal GDP 0 If total spending rises from one year to the next at least one of two things must be true The economy is producing a larger output of goods and services Goods and services are being produced at higher prices 0 Real GDP Answers this question What would be the value of the goods and services produced this F39ritaa anrl Quantitiaa Prita al Quantityr at Prica at Quantityr at quotfaar Hat Qaga Hat Qaga Halnlziurgara Hamburgara gala 1 tilt 2 Sill 3m 1 3 13 3 um 311 3 3 am 51 151 Ifi altulating Haminal GDP Etil 1 par hat a liiiQ hat aaga 2 par hamburgar 3 3i hamburgaral 3M it39ll 1 3 par hat a 133 hat aagai 3 par hamburgar a mu hamburgaral EIZIQ it39ll 2 3 par hat ag a REID hat riaga 3 par hamburgar a 150 hamburgarai 13Q J Ili39fallzulating Haal GDP baaa yaar 311m 3131i 1 par hat ag a liIL IiQ hat aagai 3 par hamburgar a 3Q hamburgarai 3M Ei il 1 1 par hat ag a 150 hat aaga 3 par hamburgar a mu hamburgara l 333 Bill 3 1 par hat ag a EDD hat aaga 3 par I39IEIITtlQLIFQEl a 1m han iaurgarai 3130 lCiallnilating tha GDP Qaflatar 2am 32am 32am 3 ma 1aa am IIEEIQE 3513 a it m 2312 12aa5 35aa3 a ma aia year if we valued these goods and services at the prices that prevailed in some speci c year in the past Shows how the economy s overall production changes over time To obtain a measure of the amount produced that is not affected by changes in prices Nominal GDP The production of goods and services valued at current prices GDP De ator Re ects only the prices of goods and services GDP Deflator Nominal GDPReal GDP X 100 In ation A situation in which the economy s overa price level is rising In ation Rate The percentage change in some measure of the price level from one period to the next In ation Rate in year 2 GDP d Yr 2 GDP d Yr 1 GDP d Yr 1 X 100


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