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Lecture Economics - Chapter 15: Gross domestic product

In this chapter you will learn: Why doesn’t economic growth include increases in spending for welfare, Social Security, and unemployment programs? How is the calculation of national output affected by environmental damage? Can one newscaster report that the economy grew, while another reports for the same year that the economy declined, and both reports be correct? | Chapter 15 Gross Domestic Product Key Concepts Summary Practice Quiz Internet Exercises ©2000 South-Western College Publishing * In this chapter, you will learn to solve these economic puzzles: Why doesn’t economic growth include increases in spending for welfare, Social Security, and unemployment programs? Can one newscaster report that the economy grew, while another reports for the same year that the economy declined, and both reports be correct? How is the calculation of national output affected by environmental damage? * Who was Simon Kuznets? Published a report in 1934 titled National Income, 1929 -32, which explained the first national accounting system * What is Gross Domestic Product? GDP is the most widely reported measure of a nation’s economic performance * What does GDP measure? The market value of all final goods and services produced in a nation during a period of time, usually a year * What is Gross National Product (GNP)? GNP measures the market value of all final goods and services produced by a nation’s residents, no matter where they are located * What is an advantage of using GDP? GDP measures value using dollars, rather than a list of the number of goods and services * Does GDP measure secondhand transactions? No, Current GDP does not include the sale of a used car or the sale of a home constructed some years ago * What are Intermediate Goods? Goods and services used as inputs for production of final goods * Does GDP count Intermediate Goods? No, to avoid double counting, GDP only measures final goods and services * What are Final Goods? Finished goods and services produced for the ultimate user * Does GDP measure nonproductive financial transactions? No, GDP does not count purely private or public financial transactions such as giving gifts, stocks, bonds, or transfer payments * What is a Transfer Payment? A government payment to individuals, not in exchange for goods or services currently . | Chapter 15 Gross Domestic Product Key Concepts Summary Practice Quiz Internet Exercises ©2000 South-Western College Publishing * In this chapter, you will learn to solve these economic puzzles: Why doesn’t economic growth include increases in spending for welfare, Social Security, and unemployment programs? Can one newscaster report that the economy grew, while another reports for the same year that the economy declined, and both reports be correct? How is the calculation of national output affected by environmental damage? * Who was Simon Kuznets? Published a report in 1934 titled National Income, 1929 -32, which explained the first national accounting system * What is Gross Domestic Product? GDP is the most widely reported measure of a nation’s economic performance * What does GDP measure? The market value of all final goods and services produced in a nation during a period of time, usually a year * What is Gross National Product (GNP)? GNP measures the market .