Title Details: | |
Basic Concepts and Elements of National Accounts |
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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.
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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 |