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1.2. Aggregate output, Prices, and economic growth - Coggle Diagram
1.2. Aggregate output, Prices, and economic growth
GDP
Approach
Expenditure
Definition: the market value of all final goods and services produced within the economy during a given period
Calculation: Total amount spent on the goods and services produced within the economy during a given period
Income
Definition: The aggregate income earned by all households, companies, government within the economy during a given period
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Product đem đi tính GDP
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Excluded
- Transfer payments form the GOV to individuals
- Income from capital gains
- The value of labor used in activities
- By-products of production processes (sản phẩm thải ra từ quá trình sản xuất)
- Activities in the underground economy (prohibited product)
- Barter transactions
- The value of intermediate goods (that are resold to produce another good)
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Output, Income and expenditure flow
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The components of GDP
Expenditure approach
GDP = C + I + G + (X-M)
- cần + in + giấy + (xác - minh)
Income approach
GDP = national income + capital consumption allowance + statistical dícrepancy = Household comsumption + Total private sector savings + Net taxes
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Từ 2 công thức trên, cho nó bằng nhau ta có
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Aggregate demand curve
Describes the combinations of level of real ouput (GDP) demanded and the price level at which:
- the good market is in equilibrium
- The money market is in equilibrium
3 efftect:
- Wealth effect
- Interest rate effect
- Real exchange rate effect
Economic Growth
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Sustainability
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Potential GDP growth rate = Long-term labor productivity growth rate + Long-term growth rate of labor force
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