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Рощенко Мария - Coggle Diagram
Рощенко Мария
Microeconomics
methods to evaluate the performance of the economy
gross domestic product
not everything is counted
Three factors limit the types of products counted.
goods and services produced during a specific year
Products in their final form
goods sold for the first time
the flow-of-product approach.
all the money spent on goods and services to determine total value
Spending for products falls into four categories
Y = C + I + G + X.
the earnings-and-cost approach
measures receipts
GDP is uniform for every country
always keep track of previous results
affects the markets
composite index, or single number, for each of the three sets of indicator
average of all the indicators in each category
accurately translates the economy’s state
The GDP is inclusive of public and private consumption, investments, government outlays and the foreign balance trade (subtracting imports from exports) so, it also communicates the standard of living
individual economic units
different sides of the economy in different ways
All the goods and services produced must be counted
Indicators