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Title Details:
Basic Concepts and Elements of National Accounts
Authors: Kyrikos, Dimitrios
Reviewer: Vlassis, Minas
Subject: LAW AND SOCIAL SCIENCES > ECONOMIC SCIENCES > MACROECONOMICS AND MONETARY ECONOMICS
LAW AND SOCIAL SCIENCES > ECONOMIC SCIENCES > MACROECONOMICS AND MONETARY ECONOMICS > GENERAL AGGREGATIVE MODELS
LAW AND SOCIAL SCIENCES > ECONOMIC SCIENCES > MACROECONOMICS AND MONETARY ECONOMICS > PRICES, BUSINESS FLUCTUATIONS, AND CYCLES
LAW AND SOCIAL SCIENCES > ECONOMIC SCIENCES > MACROECONOMICS AND MONETARY ECONOMICS > PRICES, BUSINESS FLUCTUATIONS, AND CYCLES
LAW AND SOCIAL SCIENCES > ECONOMIC SCIENCES > MACROECONOMICS AND MONETARY ECONOMICS > MONEY AND INTEREST RATES
LAW AND SOCIAL SCIENCES > ECONOMIC SCIENCES > MACROECONOMICS AND MONETARY ECONOMICS > MONETARY POLICY, CENTRAL BANKING, AND THE SUPPLY OF MONEY AND CREDIT
LAW AND SOCIAL SCIENCES > ECONOMIC SCIENCES > MACROECONOMICS AND MONETARY ECONOMICS > MACROECONOMIC POLICY, MACROECONOMIC ASPECTS OF PUBLIC FINANCE, AND GENERAL OUTLOOK
LAW AND SOCIAL SCIENCES > ECONOMIC SCIENCES > INTERNATIONAL ECONOMICS > MACROECONOMIC ASPECTS OF INTERNATIONAL TRADE AND FINANCE
Description:
Abstract:
This chapter introduces basic macroeconomic concepts and defines the magnitudes used for quantifying these concepts. Initially, we describe the economic circuit, which outlines the basic flows between institutional sectors and markets, andexplains why the terms “product” and “income” are used interchangeably in macroeconomics. Then, we define Gross Domestic Product (GDP) as a measure of the value of aggregate production and distinguish between its nominal and real versions, depending on the prices used for evaluating product quantities. Real GDP is related to other important macroeconomic concepts such as potential output, economic growth, and economic cycles. Also, we discuss three alternative approaches for computing GDP, based on total expenditure on final goods and services, total incomes, or value added in all stages of production. Finally, the distinction between domestic and national measures of production, along with a description of foreign transactions, help us derive a fundamental national accounting identity which relates total savings to investment expenditure and involves important expenditure and policy variables.
Linguistic Editors: Kalokyri, Anastasia
Technical Editors: Karamolegkou, Maria
Type: Chapter
Creation Date: 2015
Item Details:
License: http://creativecommons.org/licenses/by-nc-nd/3.0/gr
Handle http://hdl.handle.net/11419/1561
Bibliographic Reference: Kyrikos, D. (2015). Basic Concepts and Elements of National Accounts [Chapter]. In Kyrikos, D. 2015. Macroeconomic Analysis and Policy [Undergraduate textbook]. Kallipos, Open Academic Editions. https://hdl.handle.net/11419/1561
Language: Greek
Is Part of: Macroeconomic Analysis and Policy
Publication Origin: Kallipos, Open Academic Editions