Gross Domestic Product and Economic Growth Power Point Notes

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Other Output and Income Measures • Gross National Product - the annual income earned by a nation’s firm and citizens • Does not account for depreciation - loss of the value or a good
Measurements of the Macro economy • Gross Domestic Product + income earned outside the U.S. by U.S. firms and citizens – income earned by foreign firms and foreign citizens located in the U.S. = Gross National Product • Gross National Product – depreciation of capital equipment = Net National Product • Net National Product + minor statistical adjustments - = National Income • National Income - Firms’ reinvested profits, Firms’ income taxes, Social Security Taxes + other household income = Personal Income • Personal Income - individual income taxes = Disposable Personal Income
Page 1 and 2: Chapter 12 Gross Domestic Product a
Page 3 and 4: 1. Gross Domestic Product • Dolla
Page 5 and 6: Expenditure Approach • Suppose an
Page 7: Limitations of GDP • Non-market a
Page 15 and 16: 2. Business Cycles • A periods of
Page 17 and 18: What Keeps a Business Going • Bus
Page 19 and 20: Business Cycles throughout history
Page 21 and 22: Measuring Economic Growth • Real
Page 23 and 24: Technological Progress • An incre

Gross Domestic Product and Economic Growth Power Point Notes

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