Ecn 204 - #2

Front 1

Personal Income

Back 1

earned and unearned income, available to resource suppliers, before payments of personal income taxes

Front 2

Net domestic income at factor

Back 2

all income earned by canadian- supplied factor of production (wages, interest, rent, profit)

Front 3

Disposable income

Back 3

personal income, less personal taxes

Front 4

Nominal GDP vs. Real GDP

Back 4

Nominal - adjuted for inflation

Real - nonadjusted for inflation ( measures price level at time of measurement)

Front 5

Chain weighted index

Back 5

links each year to previou year, by getting previous year prices, and current year prices

Front 6

Different kinds of measurements of shorcomings of GDP

Back 6

improved quality, non- market transactions, and underground economy

Front 7

National income accoutning

Back 7

measures economys overall performances

Front 8

gross domestic product

Back 8

monetary meaure

measures economys performance

total market value of all goods and services in the annual boundries of canada

Front 9

How to Avoid Multiple Counting

Back 9

only add up final goods and services

Front 10

Final Goods and Services

Back 10

goods and services purchased just for final use, and not for resale

Front 11

Intermediate Goods and Service

Back 11

goods and service purcahsed to be re-sold or further manufacturing

Front 12

Types of non- production transaction

Back 12

second hand sales

finanacial transactions

Front 13

Different kinds of financial transactions

Back 13

public transfer paument

private transfer payment

stock market transaction

Front 14

Expenditures Apprach

Back 14

adds up all expenditures made for final goods or services

Front 15

What to addup in Expenditures App.

Back 15

personal consumtion expenditures (C)

gross investment (Ig)

government pruchase (G)

Net Income (Xn) = export (X) - import (M)

Front 16

Income Approach

Back 16

adds up expenditures, that are distributed as income, to those producing output

Front 17

Examples of Income Approach

Back 17

Wages and salaries

Profit of corporations and governement before taxes

Interest and Investment income

Net profit of farms and unicorporated businesses

Indirect taxes

Depreciation

Front 18

Economic Growth defined as

Back 18

increase in real GDP over time or increase in real GDP/ capita (per population) over time

Front 19

Examples of growth as a goal

Back 19

1- lessons burden of small supply

2- economic goal

Front 20

Examples of Growth of Canada

Back 20

1- added leisure

2- imporved product and service

3- other impacts

Front 21

Modern Economic Growth

Back 21

recently nations have experienced sustained increase in real GDP per captia

Front 22

What has economic growth effected?

Back 22

cultural growth, political, and socially

Front 23

How has economic growth effected cultures?

Back 23

people have time for leisure activities and the arts

Front 24

How has economic growth effected social factors?

Back 24

- universal public education

- got rid of legal resrictions, and social norms against women and minorities

Front 25

How has economic growth effected political stand points?

Back 25

countries have moved toward democracy

Front 26

Uneven Distribution of Economic Growth

Back 26

- spread from British birthplace

- advanced to France, Germany, and Other places in Europe in 1800s

- thank after hit Canada, US, and Austrilia

- Didn't hit Japan until 1870

- Than rest of Asia until 1900

- Than central and south america, and middle east started to receive economic growth

- Africa didnt receive anything until 20 yrs ago

- Some places still havent received anything

Front 27

Instituational Structure that Promote Growth

Back 27

Strong property rights

Patent and copyright

Efficient financial institutions

Literature and education

Free trade

Competitve market system

Front 28

Different determinites of growth

Back 28

supply factor, demand factor, and efficiency factor

Front 29

Supply factors growth points

Back 29

1- increase of quanitity/ quality of human res.

2- increase of qnantity/ quality of natural res.

3- increase in capital goods

4- improvements of technology

Front 30

Demands factors growth point

Back 30

increase in demand of the economy's growth, made by the increase of the podution potential by economy

Front 31

Labour Productivity

Back 31

- average product of labour

- output per worker/ hour

Front 32

Labour force participation rate

Back 32

percentage of working age population still in the labour force