Macro at Frankfurt School Of Finance & Management | Flashcards & Summaries

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# Lernmaterialien für Macro an der Frankfurt School of Finance & Management

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definition stock

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= quantity measured at point in time

e.g. US capital stock was 10$trillion on Jan 1, 2016 Lösung ausblenden TESTE DEIN WISSEN why output=expenditure? Lösung anzeigen TESTE DEIN WISSEN -unsold output goes into inventory and counted as "inventory investment" -wether or not build ups intentionally -> we assume firms purchase their unsold output Lösung ausblenden TESTE DEIN WISSEN first definitions GDP Lösung anzeigen TESTE DEIN WISSEN production approach: total value of final goods&services produced domestically Lösung ausblenden TESTE DEIN WISSEN third definition GDP Lösung anzeigen TESTE DEIN WISSEN income approach: total income earned by domestically located factors of production wages+profits Lösung ausblenden TESTE DEIN WISSEN GDP calculation by final goods/value added Lösung anzeigen TESTE DEIN WISSEN GDP= value of final good produced GDP= sum of value added at all stages of production - value of final good includes value of intermediate goods - including intermediate and final goods in GDP -> double counting Lösung ausblenden TESTE DEIN WISSEN definition flows Lösung anzeigen TESTE DEIN WISSEN = quantity measured per unit of time e.g. US investment was 2$ trillion during 2016

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second definition GDP

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expenditure approach:

total expenditure on goods&services

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government spending (G)

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- includes all government spending on goods & services

- excludes transfer payments (e.g. unemployment insurance payments)

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short-run fluctuations

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interchangeable terms for GDP

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income

output

expenditure

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definition nominal GDP

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measures values of goods&services produced using current prices

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what does gross domestic product measure?

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economic activity

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Q:

definition stock

A:

= quantity measured at point in time

e.g. US capital stock was 10$trillion on Jan 1, 2016 Q: why output=expenditure? A: -unsold output goes into inventory and counted as "inventory investment" -wether or not build ups intentionally -> we assume firms purchase their unsold output Q: first definitions GDP A: production approach: total value of final goods&services produced domestically Q: third definition GDP A: income approach: total income earned by domestically located factors of production wages+profits Q: GDP calculation by final goods/value added A: GDP= value of final good produced GDP= sum of value added at all stages of production - value of final good includes value of intermediate goods - including intermediate and final goods in GDP -> double counting Q: definition flows A: = quantity measured per unit of time e.g. US investment was 2$ trillion during 2016

Q:

second definition GDP

A:

expenditure approach:

total expenditure on goods&services

Q:

government spending (G)

A:

- includes all government spending on goods & services

- excludes transfer payments (e.g. unemployment insurance payments)

Q:

A:

short-run fluctuations

Q:

interchangeable terms for GDP

A:

income

output

expenditure

Q:

definition nominal GDP

A:

measures values of goods&services produced using current prices

Q:

what does gross domestic product measure?

A:

economic activity

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## Das sind die beliebtesten StudySmarter Kurse für deinen Studiengang Macro an der Frankfurt School of Finance & Management

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## Das sind die beliebtesten Macro Kurse im gesamten StudySmarter Universum

##### TD MACRO

Université Jean Moulin (Lyon III)

##### macro

Université Jean Moulin (Lyon III)

##### macro

Utrecht University