Macronomics at Universität Wien

Flashcards and summaries for Macronomics at the Universität Wien

Arrow Arrow

It’s completely free

studysmarter schule studium
d

4.5 /5

studysmarter schule studium
d

4.8 /5

studysmarter schule studium
d

4.5 /5

studysmarter schule studium
d

4.8 /5

Study with flashcards and summaries for the course Macronomics at the Universität Wien

Exemplary flashcards for Macronomics at the Universität Wien on StudySmarter:

Nominal GDP 

Exemplary flashcards for Macronomics at the Universität Wien on StudySmarter:

Why is the nominal GDP not a good gauge of economic well-being? 

Exemplary flashcards for Macronomics at the Universität Wien on StudySmarter:

real GDP 
This was only a preview of our StudySmarter flashcards.
Flascard Icon Flascard Icon

Millions of flashcards created by students

Flascard Icon Flascard Icon

Create your own flashcards as quick as possible

Flascard Icon Flascard Icon

Learning-Assistant with spaced repetition algorithm

Sign up for free!

Exemplary flashcards for Macronomics at the Universität Wien on StudySmarter:

GDP deflator 

Exemplary flashcards for Macronomics at the Universität Wien on StudySmarter:

Nominal GDP/Real GDP/GDP deflator measure 

Exemplary flashcards for Macronomics at the Universität Wien on StudySmarter:

traditional vs chain-weighted measure of GDP

Exemplary flashcards for Macronomics at the Universität Wien on StudySmarter:

The national income divides GDP into 
This was only a preview of our StudySmarter flashcards.
Flascard Icon Flascard Icon

Millions of flashcards created by students

Flascard Icon Flascard Icon

Create your own flashcards as quick as possible

Flascard Icon Flascard Icon

Learning-Assistant with spaced repetition algorithm

Sign up for free!

Exemplary flashcards for Macronomics at the Universität Wien on StudySmarter:

Consumption

Exemplary flashcards for Macronomics at the Universität Wien on StudySmarter:

Investment

Exemplary flashcards for Macronomics at the Universität Wien on StudySmarter:

Government purchases

Exemplary flashcards for Macronomics at the Universität Wien on StudySmarter:

Gross National Product 
This was only a preview of our StudySmarter flashcards.
Flascard Icon Flascard Icon

Millions of flashcards created by students

Flascard Icon Flascard Icon

Create your own flashcards as quick as possible

Flascard Icon Flascard Icon

Learning-Assistant with spaced repetition algorithm

Sign up for free!

Exemplary flashcards for Macronomics at the Universität Wien on StudySmarter:

Net national product 

Your peers in the course Macronomics at the Universität Wien create and share summaries, flashcards, study plans and other learning materials with the intelligent StudySmarter learning app.

Get started now!

Flashcard Flashcard

Exemplary flashcards for Macronomics at the Universität Wien on StudySmarter:

Macronomics

Nominal GDP 
the value of goods and services measured in current prices

Macronomics

Why is the nominal GDP not a good gauge of economic well-being? 
Because, if all prices doubled without any change in quantities, nominal GDP would double. 

Macronomics

real GDP 
The economy's output of goods and services without being influenced by changes in prices, because a constant set of prices is being used (base-year price). Because prices are held equal, real GDP varies from year to year only if the quantities produced vary. 

Macronomics

GDP deflator 
reflects what's happening to overall level of prices in the economy.

=Nominal GDP/Real GDP

Macronomics

Nominal GDP/Real GDP/GDP deflator measure 
  • Nominal GDP measures the current dollar value of the output of the economy 
  • Real GPD measures output vlaued at constant prices 
  • GDP deflator measures the price of output relative to its price in the base year. 

Macronomics

traditional vs chain-weighted measure of GDP
  1. Periodically updating of prices used to compuet real GDP (every five years).
  2. Average prices in 2014 and 2015 are used to measure the real growth from 2014 to 2015, average prices in 2015 and 2016 are used to measure real rgowth from 2015 to 2016. These various year-to-year growth rates are then put together to form a chain .

Macronomics

The national income divides GDP into 
  1. Consumption
  2. Investment 
  3. Government purchases 
  4. Net exports

Each dollar GDP falls into oe of these categories.

Macronomics

Consumption
= haushold expenditures on goods and services. Goods, being tangible things are divided into durables (long lasting eg TV, cars) and indurables (short-lasting eg food, clothes). Services include doctor visits, haircuts etc

Macronomics

Investment
= items bought for future use. Divided into 
  1. Business fixed investment: Purchase by firms of new structures, equipment, and intelectual property products  
  2. Resident fixed investment: Purchase of new housing by households and landlords.
  3. inventory investment: increase in firm's inventories of goods. 

Macronomics

Government purchases
= goods and services bought by federal state  and local governments (eh military equipment, highways, services pvroided by government workers).

It does not include transfer payments to individuals(eg Saocil Security Welfare ,because transfer payments only reallocate existing income.

Macronomics

Gross National Product 
Whereas GDP measures the total income produced domsetically ,GNP measures the total income earned by nationals (residents of a nation).

Rent a Japanese resident pays in NY is part of US GDP but not US GNP

Macronomics

Net national product 
= GNP - depreciation (of capital)

is approx equals national income:differ by statistical discrepancy(arises from different data sources)

Sign up for free to see all flashcards and summaries for Macronomics at the Universität Wien

Singup Image Singup Image
Wave

Other courses from your degree program

For your degree program Macronomics at the Universität Wien there are already many courses on StudySmarter, waiting for you to join them. Get access to flashcards, summaries, and much more.

Back to Universität Wien overview page

Macro

Macroeconomics

economics

Microeconomics

Macroeconomics II

What is StudySmarter?

What is StudySmarter?

StudySmarter is an intelligent learning tool for students. With StudySmarter you can easily and efficiently create flashcards, summaries, mind maps, study plans and more. Create your own flashcards e.g. for Macronomics at the Universität Wien or access thousands of learning materials created by your fellow students. Whether at your own university or at other universities. Hundreds of thousands of students use StudySmarter to efficiently prepare for their exams. Available on the Web, Android & iOS. It’s completely free.

Awards

Best EdTech Startup in Europe

Awards
Awards

EUROPEAN YOUTH AWARD IN SMART LEARNING

Awards
Awards

BEST EDTECH STARTUP IN GERMANY

Awards
Awards

Best EdTech Startup in Europe

Awards
Awards

EUROPEAN YOUTH AWARD IN SMART LEARNING

Awards
Awards

BEST EDTECH STARTUP IN GERMANY

Awards
X

StudySmarter - The study app for students

StudySmarter

4.5 Stars 1100 Rating
Start now!
X

Good grades at university? No problem with StudySmarter!

89% of StudySmarter users achieve better grades at university.

50 Mio Flashcards & Summaries
Create your own content with Smart Tools
Individual Learning-Plan

Learn with over 1 million users on StudySmarter.

Already registered? Just go to Login