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National income Accounting

Report no. 2
by

Justin John Pineda

on 2 February 2013

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Transcript of National income Accounting

Joana Pauline Asuncion Crysels Ann Callos Aira Dee Suarez Milkee Evangelista Justin John S. Pineda Christine Elaine Dailig What are Financial Transactions and Secondhand Transactions?

I. Financial Transactions
a. Buying and Selling Securities
b. Government Transfer
c. Private Transfer Payments

II. Transfer of Second-hand Payments Approaches in Measuring GDP 1.Expendiure Approach
2. Income Approach
3. Industrial Origin Approach The economy is divided
into three sectors: 1. Agriculture, Fishery,
and forest sectors
2. Industry sector
3. Service Sector GDP SHORT COMINGS * Non-market Transactions
* Distribution, Kind, and Quality of Products
* Neglect of Leisure Time
* The Underground Economy
* Economic Bads GROSS DOMESTIC PRODUCT
and
GROSS NATIONAL PRODUCT Three imporatant points that we need to understand when we talk about GDP:

1. that it is measured in market or money value
2. it only counts new domestic production
3. that it only includes final goods and services (C) = Personal Consumption Expenditures
(I) = Gross Private Domestic Investment
(G) = Government Consumption Expenditure and Gross Investment
(X-M) = Net Exports GDP=C+I+G+(X-M) EXPENDITURE APPROACH The Income Approach GDP = Compensation of employees + rents +
profits + Net interest + Indirect Taxes +
depreciation The Industrial Origin or
Gross Value Added Approach NOMINAL OR CURRENT GDP VERSUS REAL GDP * Convert nominal GDP to Real GDP Real GDP= Nominal GDP GDP defactor x 100 Gross Domestic Product the Industrial Origin Approach "We are the Group 2"
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