...Unit 2 Individual Project Gross Domestic Product BUSN300-1202A-10 I would like to speak to you today about the future of the gross domestic product. The GDP is very important because it measures the condition or the status of a country’s economy. It signifies the monetary value of all goods and services within a time span of a year. The compilation of this data amount is considered to be the most reliable of financial statistics. This data is used to determine if the U.S. economy is growing more quickly or more slowly than the quarter or the year before. GDP is also used to compare the size and growth rate of the economies throughout the world. Economic production and growth has a large impact on nearly everyone within that economy. When you have a strong economy it will show through low unemployment and wage increases within businesses. A significant change in GDP most often has a major effect on the stock market. An unhealthy economy typically means lower profits for companies resulting in lower stock prices. Negative GDP growth is also one of the factors used to determine whether an economy is in a recession. There are basic methods for calculating the GDP that include the income approach and the expenditure approach. The expenditure approach calculates GDP by combining consumer goods, business goods, imports and exports and government goods. It focuses on finding the total output of a nation by finding the total amount of money spent. With the income approach...
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...Gross Domestic Product Tyracia N Johnson University of Phoenix Gross Domestic Product (GDP) Gross Domestic Product and business cycle Gross Domestic Product is the summary of the National Income and Product Account (NIPA) tables, which is provided by the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA). GDP estimates the market value of all final goods, services, and structures produced in a given period by labor and property located in the U.S., regardless of who owns the resources. Calculation of GDP involves estimating the quantity of those commodities produced, assigning a dollar value to each quantity and aggregating the total dollar value to arrive at a final figure. GDP can be expressed in two ways, nominal and real (Krugman, 2003). Nominal GDP is the value of the final output measured in current prices, whereas real GDP is the value of output adjusted to remove distortions caused by price changes through the process of chain-weighting. GDP estimates are released quarterly. Three estimates are made, one at the end of each month following a release: advance, preliminary, and final. Over time GDP has become the most comprehensive measure of production and almost every economic statistic is related to GDP in one way or another (Krugman, 2003). National fiscal policies The government, being a vast entity in itself, is made up of several different bodies and each plays a different role in determining national fiscal policies. The...
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...1. Real GDP for 2009 was $14,418.7 billion a. GDP tells us the total dollar value of all goods and services produced over a specific time period. b. In 2009 GDP decreased from $14,718.6 billion in 2008. c. These changes were due to a decrease in the market economic activity. 2. The GNP for 2009 was $14.56 trillion a. GDP is output produced within a country’s borders; GNP is output produced by a country’s citizens. b. The GNP was lower in 2008 at $14.35 trillion. c. These changes were due to the decrease in the market value of goods and services by labor and property. 3. The National Income for 2008 was $12,609.1 billion a. National Income tells us the total of all incomes accruing over a specified period to residents of a country and consisting of wages, salaries, profits, rent and interest. b. GNP measures the market value of all final goods and services produced by a country’s citizens or residents. National income is equal to GNP less the consumption of fixed capital such as depreciation; it tells how much income those goods and services, are generating, c. The National Income decreased in 2009 from $12,609.1 in 2008. d. The changes in the National Income were due to a decrease of income generated from the goods and services by labor and property. 4. The Disposable Income for 2009 was $9,836.7 billion a. Disposable income is what is left after taxes. b. The DI decreased in 2009; it was $10,119.5 billion in 2008 c. These changes were due to the decrease...
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...Markus Gamble Assignment #1 (Gross Domestic Product and Unemployment) ECN 221 1/16/16 #1. What are the two main difficulties that arise in comparing the GDP of different countries? A.) In this week’s assignment, I have chosen to discuss, what are the two main difficulties that arise in comparing the GDP in different countries? Well to answer this particular question, we must first address what GDP stands for and how it works. GDP is also referred to as the Gross Domestic Product, which is defined as one of the primary indicators to gauge the health of a countries economy. It represents the total dollar value of all goods and services over a period of time. (Investopedia Staff, 2016) when making a comparison of GDP in different countries could result in a problem with the amount of hours worked within the countries, in comparison stage involving each other. Each country has a different amount of scheduled work hours, some more than other countries, a good example would be one country has a longer period of worked hours then other countries, which results in a disruption in the GDP statistics. Another significant factor that comes about when comparing GDP with different countries is the currency conversion factor. The GDP for most international countries must be converted currency wise into a common currency, in which the US dollar is the perfect example for this, but this could make the GDP figures messed up and not accurate also. The conversion could be done...
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...Negligence, Gross Negligence, or Malpractice Lesli Sherwin, RN HCS/478 Health Law and Ethics May 11th, 2015 Lynda White ADN, BS Negligence, Gross Negligence, or Malpractice Malpractice includes both negligence and gross negligence. Malpractice is a tort in which a person who claims a practice in some profession fails in their duty, lacks in their skill to the extent that it causes damage to their client or patient. Negligence and gross negligence are both forms of malpractice. Simple ordinary negligence is the lack of performing in a manner consistent with standards of practice including omissions in practice, and failure to provide care that any other reasonable prudent nurse would provide. The Elements that a plaintiff must prove to win their negligence claim include breach of duty, causation, and damages (Weiler, 1995). If they cannot prove there was a breach in all three of these things, then the plaintiff will lose the case. Gross Negligence, is negligence on a grand scale. It borders reckless behaviors and culpability. It is most simply explained in terms of degree of negligence, or the severity of the negligence is worse than simple or ordinary negligence. Gross negligence can be very subjective and is used in extreme cases that might have ended with manslaughter charges or something of the like. Could the event or act have been controlled by the practitioner? If the answer is yes, then it is probably neglect. If the act was purposeful and the practitioner understood...
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...Gross Domestic Product Syed A Johar Colorado State University (Global Campus) Mangeral Economics Instructor: OConnell, Lawrence The Shortcomings of Gross Domestic Product Real GDP per capita is used in practice as a reasonable description of economic well-being. However, in this role it has significant disadvantages. First, the valuation of so-called negative factors (air and water pollution, noise, overcrowding, etc.) should be subtracted from the value of GDP. These factors are associated with production, overstating the level of our material well-being. In order to establish the national economy it is essential to solve the problem of accounting of any kind of economic activity in the macroeconomic indicators. Environmental pollution raises significant methodological issues, one of which is the reflection of activities that are related to environmental management. In general, the usual economic growth indicators of national income and net product do not take into account the results of environmental activities, distorting its effects and dynamics. For example, a manufacturer pollutes a river and the government spends money on its cleaning (increases the GDP), but the cost of pollution is not deductible (Investopedia, 2008). Second, GDP does not include the cost of non-market operations (for example: working housewives; carpenter’s work, who has been repairing his own house; free volunteer work). All of these activities are appropriate from an economic perspective;...
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...Gross Domestic Product LaRaysha Y.Mobley AIU Online BUSN 300 Capstone Abstract The gross domestic product (GPD) is the most important economic indicator on the health of a country’s economy. GDP represents the total dollar value of all goods and services produced over a specific time period (Koba, 2011). The figures are released every business quarter by the Business Economic Analysis. What does the data mean and how will it affect our U.S. citizens. U.S. Gross Domestic Product Growth Rate Going Forward This paper will cover the United States Gross Domestic Product (GDP). This paper will provide trends, forecast, and statistics for GPD. This paper will explain how GDP is determined and what the data means. This paper is prepared to present to the local chamber of commerce. COC members will have an idea of what the future of the United States economy will offer based on the recent economic activities. Gross Domestic Product Gross Domestic Product (GDP) is the value of a country’s overall output of goods and services at market prices (businessdictionary.com). GDP is also used to compare the economic achievement of other countries in comparison to the United States. Economist use GDP data to determine if the economy is inflating or receding. The Gross Domestic product (GDP) expanded 1.30 percent in the second quarter of 2012. From 1947 until 2012 the United States GDP growth rate average...
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...Gross Domestic Product , Net Factor Income from Abroad and Gross National Product 1st Qtr 2000 - 4th Qtr 2010 (in million PhP) Period | At Current Prices | At Constant 1985 Prices | | GDP | NFIA | GNP | GDP | NFIA | GNP | 2005 | 5,444,038 | 447,145 | 5,891,183 | 1,211,452 | 108,548 | 1,320,000 | Q1 | 1,234,383 | 100,221 | 1,336,605 | 284,063 | 25,239 | 309,303 | Q2 | 1,316,400 | 112,436 | 1,428,836 | 297,426 | 27,429 | 324,855 | Q3 | 1,334,509 | 107,281 | 1,441,790 | 292,665 | 25,680 | 318,345 | Q4 | 1,558,746 | 127,206 | 1,685,953 | 337,298 | 30,199 | 367,497 | 2006 | 6,031,164 | 500,940 | 6,532,104 | 1,276,156 | 115,133 | 1,391,289 | Q1 | 1,386,083 | 112,729 | 1,489,912 | 299,681 | 26,491 | 326,172 | Q2 | 1,454,772 | 129,652 | 1,584,423 | 313,112 | 29,825 | 342,937 | Q3 | 1,476,946 | 113,828 | 1,590,774 | 307,750 | 26,008 | 333,757 | Q4 | 1,713,364 | 144,731 | 1,858,095 | 355,613 | 32,808 | 388,421 | 2007 | 6,648,619 | 581,491 | 7,230,110 | 1,366,625 | 129,406 | 1,496,031 | Q1 | 1,522,233 | 117,370 | 1,639,603 | 320,177 | 26,741 | 346,918 | Q2 | 1,617,189 | 156,240 | 1,773,429 | 339,120 | 34,961 | 374,081 | Q3 | 1,610,141 | 154,639 | 1,764,780 | 328,528 | 34,145 | 362,673 | Q4 | 1,899,057 | 153,242 | 2,052,298 | 378,800 | 33,558 | 412,358 | 2008 | 7,409,371 | 852,121 | 8,261,492 | 1,417,087 | 174,022 | 1,591,109 | Q1 | 1,657,677 | 167,463 | 1,825,140 | 332,514 | 36,490 | 369,005 | Q2 | 1,823,303 | 213,544 | 2,036,846 | 351,567 | 43...
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...1- GDP is a good form of measuring our economic well-being. The reason for this is because GDP is the total market value of all the final goods and services produced within the economy in the year. 2- The trade deficit reduces our GDP because the excess of imports over exports makes the total number of market value of final goods and services made in a year. 3- Nominal GDP is when we use current prices to measure GDP. Real GDP is the measure that controls for changes in prices. I think that between both the most important one is nominal GDP because it is the value of GDP in current dollars. 4- The difference between GNP and GDP and what they produce is that GDP is what their citizens earn while GNP is the gross national product. This GNP is usually not to important to most countries. 5- The reason investment spending is more volatile than consumer spending is because investment spending is more likely to change rapidly and it is also unpredictable. While consumer spending is less liable to change and tends to be more predictable. 6- A consumer confidence is closely watched because if the way a consumer thinks about a business is important. Consumer confidence lets people to still have hope even when in deep in a financial crisis people will still remain to believe on that the economy will get better. Work cited O'Sullivan, Sheffrin, and Perez. Macroeconomics Principles,applications, and Tools. 8th ed. p.97-114.: Pearson, 2014,2012,2010. Print....
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...GDP Paul Schroeder ECN400 CSU Global Dr. Ryman 1/31/15 GDP Gross Domestic Product, or GDP, is broken into four components: consumption, investment, government purchases, and net exports of goods and services. Personal consumption is the spending on goods and services by consumers, excluding the purchases of new homes. Investment is the spending towards goods or services that can produce a profit, such as homes and structures. Government purchases are made by local, state, and federal governments, and include goods and services like highway and building construction. Net exports is the value of a country’s domestic goods and services sold abroad, minus the value of imports from other countries. Consumption affects me as a consumer every day. Everything I purchase, such as food, clothes, or a car, falls under the GDP component of consumption. Additionally, the bills I pay for services, such as apartment renting, cellular service, and insurance, fall under this umbrella as well. Inflation can directly affect how I spend my money on consuming goods and services, since my dollar can have more or less buying power as the rate of the dollar changes in value. Also, an increase or decrease in my income can affect how much I consume in the market, contributing to the GDP. Spending also depends on how I view the market, and my optimism of its future. I am more likely to purchase things if I predict that the market, as well as my income, will remain stable. Investment does...
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...GROSS DOMESTIC PRODUCT 1 What is Gross Domestic Product? Jesse Leslie Argosy University Macroeconomics George Williams 07/ 26/2014 GROSS DOMESTIC PRODUCT 2 Current-Dollar and "Real" Gross Domestic Product | 6/25/14 | | | | | | | | | | Annual | | Quarterly | | | | | | | (Seasonally adjusted annual rates) | | | | | | | | | | | | | GDP in billions of current dollars | GDP in billions of chained 2009 dollars | | | GDP in billions of current dollars | GDP in billions of chained 2009 dollars | | | 1982 | 3,345.0 | 6,484.3 | | 1960q2 | 542.7 | 3,108.4 | 1983 | 3,638.1 | 6,784.7 | | 1960q3 | 546.0 | 3,116.1 | 1984 | 4,040.7 | 7,277.2 | | 1960q4 | 541.1 | 3,078.4 | 1985 | 4,346.7 | 7,585.7 | | 1961q1 | 545.9 | 3,099.3 | 1986 | 4,590.1 | 7,852.1 | | 1961q2 | 557.4 | 3,156.9 | 1987 | 4,870.2 | 8,123.9 | | 1961q3 | 568.2 | 3,209.6 | 1988 | 5,252.6 | 8,465.4 | | 1961q4 | 581.6 | 3,274.6 | 1989 | 5,657.7 | 8,777.0 | | 1962q1 | 595.2 | 3,333.6 | 1990 | 5,979.6 | 8,945.4 | | 1962q2 | 602.6 | 3,369.5 | 1991 | 6,174.0 | 8,938.9 | | 1962q3...
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...Diana Lizette Ocampo Hermosillo A00568420 11/02/16 Gross Domestic Product Determined the size and the growth of the economy. GDP measures the total market value of all final goods and services produced in an economy in a given year. The value of the good and services it is determined by the price at which you pay for them in the market place, when you put together all these prices you have the total value GDP. When we talk about the “final goods and services” we mean to goods and services sold to an end user; there are intermedite goods such as tires that come with a car because the total value of the car is considered for the GDP, but when you buy only the tires are considered a final good because is sold to a final user. Prices are constantly changing, and is more difficult to determine the GDP; for example, when the conuntry produce more goods and services, or the production could be the same but the prices of these goods and services are increase, or the price and the production may vary at the same time. Nominal GDP calculate the real increase or decrase over time on a level of final goods and services; prices change o remove for GDP data. Real GDP shows the inflation which reflects the actually increase or decrase in output of this production of goods and services; remove the efects of prices changes. GDP is the national income, and it can be use for indicate the standard of living people, dividing by the country population and the result is the GDP per person...
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...The Measurement of Gross Domestic Product Having discussed the meaning of gross domestic product in general terms, let’s be more precise about how this statistic is measured. Here is a definition of GDP that focuses on GDP as a measure of total expenditure: • Gross domestic product (GDP) is the market value of all final goods and services produced within a country in a given period of time. This definition might seem simple enough. But in fact, many subtle issues arise when computing an economy’s GDP. Let’s therefore consider each phrase in this definition with some care. “GDP Is the Market Value . . .” You have probably heard the adage, “You can’t compare apples and oranges.” Yet GDP does exactly that. GDP adds together many different kinds of products into a single measure of the value of economic activity. To do this, it uses market prices. Because market prices measure the amount people are willing to pay for different goods, they reflect the value of those goods. If the price of an apple is twice the price of an orange, then an apple contributes twice as much to GDP as does an orange. “. . . of All . . .” GDP tries to be comprehensive. It includes all items produced in the economy and sold legally in markets. GDP measures the market value of not just apples and oranges but also pears and grapefruit, books and movies, haircuts and healthcare, and on and on. GDP also includes the market value of the housing services provided by the economy’s stock...
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...I discussed the GDP in my first post and decided to post a response to this one too; the .U.S. Department of Commerce released fourth quarter real gross domestic product rates of 2014. According to the Bureau of Economic Analysis (2015), the value of produced goods and services in the U.S. increased 2.2 during this quarter (para. 1). This means that the production of goods adjusted for price changes for the period when the second estimate was released on February 27th. That is a 2.8 percent drop from 5.0 percent third quarter GDP results of 2014 (U.S. DOC, 2015, para. 1). As previously stated GDP measures the economy performance of the nation or country during a certain period of time (annual or quarterly). GDP measured in terms of dollars regard the total of all goods and services produced (McConnell, Brue, & Flynn, 2015); unfortunately, there are several shortcomings or limitations in measuring the total output or national welfare. The shortcomings of GDP measure both total output and total utility (McConnell, et al., 2015, p. 561); the total output shortcomings include non market activities (household production) such as homemaker services and parental childcare (Lee, n. d.; Toward, 2010). Non market activities are products and services that are produce by people and are not bought and sold on the market. Legal economic and illegal activities are underground activities, the second type of shortcoming of GDP. Underground activities consist of products or services purchased...
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...Assignment 2: What is Gross Domestic Product? 1. What was Real GDP for 2009? 13,973.7 A. How did GDP change from 2008? Indicator of the economic health of a country, as well as to gauge a country's standard of living. It also regards how much value on goods and services that are produced over a certain amount of time, either quarterly of annually. B. How did GDP change from 2008? The GDP increased in the first 2 quarters, but decreased in the 3rd only a little. The 4th quarter there was a decrease of 6.3% because of the decrease in personal consumption expenditures, Import and export, equipment and software. C. What caused these changes? There was a 4.3% decrease in personal consumption expenditures in the 4th quarter. There was also a decrease of 23.6% of the exports of goods and services. The amount of money the government spent in the 4th quarter increased by 7%, following an increase of 13.8% in the 3rd quarter. Private business had a $25.8 billion decrease in inventories. All of this put us in a recession. 2. What was GNP for 2009? 14,117.2 A. What is the difference between GDP and GNP? The GDP is an estimate of the countries worth of productions and services by their foreigners and their nationals for the year. The GNP is an estimate of the countries worth of products and services by the citizens of their land or on foreign land for the year. B. How did GNP change from 2008? The GNP changed because of the increase in 2008 of 14.35 trillion and in 2009 it started...
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