Abstract This paper compares the GrossDomesticProduct (GDP) of Brazil and the United States from 1993 to 2003. It discusses GDP growth levels. The author expands on the Brazilian and American economies. The paper includes schematic representation.
From the Paper "Gross domestic product (GDP) is one way by which to measure the performance of an economy. Even more important than the actual value of the GDP is the growth that the GDP is able to sustain over a ..."
Tags:GDP, Brazil, United States, grossdomesticproduct
Abstract This paper discusses the GrossDomesticProduct (GDP) concept and examines how it is used to determine the level of output of an economy within a given year. It looks at how there are three approaches to calculating GDP including the production, expenditure and income approach.
From the Paper "Economics studies the behavior of the aggregate economy. It is broken down into two parts: microeconomics and macroeconomics. Microeconomics analyzes market behavior of individual consumers and firms to understand the decision-making process of firms and households (Lieberman et al, 2000, p. 337). Macroeconomics is the study and measurement of an entire economy. Macroeconomics studies the movement and trends in the economy as a whole, while in microeconomics the focus is on factors that affect the decisions made by firms and individuals. "
Abstract The paper shows that there are some important limitations of the real GDP concept as an indicator of improvements in the welfare of a society. The paper shows that the limitations of real GDP can be explored in three ways: (1) non-market productive activities are left out; (2) real GDP is not a welfare measure; and (3) inequality exists in the distribution of income.
From the Paper "Real GDP (Gross Domestic Product) is a measure of the value of all the goods and services newly produced in a country during some period of time, adjusted for inflation. Real GDP has been increasing in Australia since the 1990s. According to Taylor, Moosa & Cowling (100) in Macroeconomics, improvements in the welfare of individuals in any society cannot occur without such increases in real GDP. However, real GDP was never intended for this role. It is merely a gross tally of goods and services bought and sold, with no distinctions between transactions that add to welfare, and those that diminish it. Instead of separating costs from benefits, and productive activities from destructive ones, real GDP assumes that every monetary transaction adds to welfare. Real GDP is the most comprehensive measure of a nation's economic activity."
Tags: Child-rearing, surplus, production, income, distribution
Abstract GDP, or grossdomesticproduct, measures the output of goods and services within an economy by factors of production, e.g. labour, within a twelve month period. This paper focuses on explaining what GDP is, methods of measuring GDP and its limitations as a measure for the quality of life of residents.
From the Paper "There are other limitations of GDP's usefulness as an indicator of the quality of life that must also be evaluated. For example, GDP may not accurately reflect the total economic activity of a nation because items such as DIY and household labour (housewifery) are excluded as is the underground economy. Activities such as drugs and prostitution go unrecorded. Although such activities are illegal they are a highly lucrative business and the expenditure on these goods or services may amount to a sizeable sum that has therefore been withdrawn from the circular flow and disappeared into this underground sector from the national accounts. We cannot know for sure the exact amount that has been withdrawn but we can estimate this by analysing the demand for cash in the economy as illegal activity is usually conducted with cash."
Abstract This paper discusses how the 1990s unprecedented GDP growth shows increasing wages, but more likely labor inefficiencies due to the increased participation of older and less skilled workers. This paper also explores how several factors lead to an increase in the price per unit of GDP.
From the Paper "The concept no longer had to do with production, now it had to with anything, good or service, to which a market price could be attached. The focus of GDP changed from production to consumption (Cobb, Halstead, Rowe). The increase in services provided by divorce lawyers, day care centers, and financial advisors caused a shift. In January 1962 the Personal Consumption Expenditures broke into 45.1% non-durables, 12.7% durables, and 42.2% services. In January 1972 the Personal Consumption Expenditures broke into 39.7% non-durables, 14.3% durables, and 46.1% services. The trend continued through January 2002, 29.0% non-durables, 11.9% durables, and 59.1% services (Bureau of Economic Analysis). In 40 years, non-durables dropped from 45.1% of personal consumption expenditures to 29.0%."
Abstract This paper looks at the faulty methods used for determining the GDP. It points out that the GDP is the result of forecasts made by various public agencies at different times of the year. The paper also looks at the view held by many economists that the GDP is largely based on the purchase of imaginary items. Finally, this paper explores the problem of the faulty assumptions used to determine the value of goods and services.
From the Paper "Another problem is also inherent in the GDP. When figuring the value of all the goods and services included in the GDP, assumptions are made about how long it takes people to create those goods and services. The thing is, polls have shown that the average workweek in 2000 was more than ten hours longer than in the early 1970s. And commentators point out that these days, so much work is done away from the work site because of laptop computers and so on, that even that estimate may be way out of whack. That seems that it could make for a skewed result, to say the least. "
Abstract This paper discusses the differences between two methods of analyzing the economy, GrossDomesticProduct (GDP), which is considered to be the most comprehensive measure of economic activity, and the Genuine Progress Index (GPI), an alternative approach offered by the group Redefining Progress as a way of linking the economy with social and environmental variables so as to create a more comprehensive and accurate measurement tool by accounting for the value of human, social, and natural capital, in addition to standard measures of produced capital.
From the Paper "Economic indicators demonstrate the rate of progress in the economy in terms of growth, income, employment, government expenditures, imports, and similar factors. For the most recent quarter available, the second quarter of 2005, the Bureau of Economic Analysis reports that inflation-adjusted gross domestic product (GDP), which is considered to be the most comprehensive measure of economic activity, increased 3.4 percent after increasing 3.8 percent in the first quarter. Growth has thus slowed slightly and is far below the high in 2003 when the increase exceeded 7 percent. The current rate of growth was enhanced by consumer spending on goods and services, which increased 3.3 percent; by exports, which increased 12.6 percent; and by business fixed investment, which increased 9.0 percent."
Abstract The paper explains the components of the grossdomesticproduct (GDP) that is used as a measure of the standard of living of a country's economy. First, the current currency exchange rate is discussed and then the advantages and disadvantages of using the GDP as a measure of the standard of living of the economy are outlined. Finally, the paper reveals that the welfare of a nation can hardly be inferred from a measure of national income.
Outline:
How Do We Keep Score
It's Components
Measures of Economic Performance
Advantages and Disadvantages of the GDP Welfare of a Nation
From the Paper "GDP per capita is used generally as a measure of the standard of living of the economy of each individual country. It records spending on all goods and all services. It can also measure income that is earned (and reported). Those numbers are counted and kept by a national government statistical agency. For example, In the United States uses the BEA, or Bureau of Economic Analysis as our scorekeeper. Australia uses the ABS, or Australian Bureau of Statistics and Germany uses the Statistisches Bundesamt."
Abstract This paper discusses a series of economic terms: economics, supply and demand, macroeconomics, microeconomics, elasticity, in-elasticity, and GrossDomesticProduct (GDP). In addition, it examines the concept of GDP as it relates to the national economy and how GDP can, in spite of strong performance measures, be indicative of poor economic performance and even an unhealthy economy.
From the Paper "Economics is a particular field of study within the social science category of sciences. Its primary subjects of study are production, distribution, trade and consumption patterns of goods and services in any given economy (Cleaver, 2004). Economics is divided in to two branches of studies: microeconomics and macroeconomics. The father of economics is largely recognized to be Adam Smith whose Wealth of Nations defined the context for this new science at the time of its publication in 1776. Supply and Demand Supply and demand is an economic model that characterizes and predicts variances in the price, quantity, and distribution of goods or services in competitive marketplaces (Cleaver, 2004). Supply and demand is a central component of market economies. "
Abstract This paper examines the statement that grossdomesticproduct (GDP) provides neither an accurate nor an in-depth understanding of a nation's economic status and its population's living standards. It discusses Qatar, Kuwait, the United Arab Emirates and Equatorial Guinea compared to the US, UK and France as cases in point that calculating development in terms of per capita GDP leads to a distorted view of the developmental status of nations and their populations.
From the Paper "Even though GDP and GDP per capita fail to provide an accurate picture of a country's economic and developmental status and most certainly do not reflect the standards of living enjoyed by populations in question, the measurement has its uses. It may not accurately calculate standards of living and economic well-being but it is an indicator of the size of an economy (Ezcurra, 2007). Through the calculation of the monetary value of the goods and services which are produced within the economy and the financial exchanges which occur therein, the measure quite accurately conveys the size of the economy and by calculating the said size in relation to per capita income, it functions as an indicator of whether or not the economy has the capacity to sustain and maintain its population or not (Ezcurra, 2007). Therefore, even while conceding to its limitations and shortcomings, it is important to clarify that the measure has value and significance."
Abstract This three-page undergraduate paper studies the importance of GrossDomesticProduct and the recent tends in the its growth. The slow down in the economy indicates a decline in the annual growth rates of GDP. The recent tax cuts announced by the government aim at increasing rate of spending in the country, which might ultimately lead to faster growth rate of GDP.
Abstract This report looks at how economic indicators like the GrossDomesticProduct, inflation as measured by the Consumer Price Index, unemployment, capacity utilization, personal income and the actions of the Federal Reserve can be used to observe the true nature of the airline industry's economic woes.
From the Paper "There is a definite economic crisis coming out of the airline industry. Carriers like American Airlines, Delta, United and Continental continue to operate in the red as issues such as the price of fuel, terrorism and weak world economies continue to hamper the industry's attempts to move into the black. Each of these large United States based carriers have either filed or has considered filing for bankruptcy protection at one time or another in an attempt to rediscover solvency. Of course, many believe that the events surrounding September 11, 2001, where terrorists hijacked several American planes and used them as missiles, is the only reason for the airline industry's current financial predicament. However, throughout the past thirty years, the true dilemma the airline industry has faced can found in economic indicators that show the downturns should be attributed to other economic predictors such as inflation, the United States and world economies, globalization and the very obvious factor of stiff competition. Reduced fairs will never work if the industry faces escalating operating costs."
Tags:gdp, gross, domestic, product, consumer, price, index
Abstract This paper analyzes and estimates two different economic forecasts namely the GDP (GrossDomesticProduct) and unemployment rates. It explores the assumptions that underlie the forecasts. The paper researches the underlying issue regarding economic forecasting.
Abstract This paper explores the relationship between Keynesian theory, GDP (GrossDomesticProduct) and employment levels. It looks at ways in which full employment can be achieved; effect of government manipulation of fiscal policy on GDP and concepts of supply and demand.
From the Paper John Maynard Keynes revolutionized the study and practice of economics most especially through his writings on the causes of long-term high levels of unemployment such as were seen during the Great Depression ..."
