Lesson 2.1 by Alexandria Polinski https://padlet.com/85040/aq0ff6zlz6c What's in GDP? Components of GDP en-us 2017-12-18 03:08:23 UTC 2026-01-15 02:59:00 UTC hello@padlet.com A. Mechanic Fixes Transmission 85040 https://padlet.com/85040/aq0ff6zlz6c/wish/216834831 Personal Consumption Expenditures since a person is paying a mechanic for the service of fixing their transmission.]]> 2017-12-18 03:09:09 UTC https://padlet.com/85040/aq0ff6zlz6c/wish/216834831 B. Business purchases computer software and a PC 85040 https://padlet.com/85040/aq0ff6zlz6c/wish/216835264 Investment, since it is an investment in a good that will aid with the production of business]]> 2017-12-18 03:15:04 UTC https://padlet.com/85040/aq0ff6zlz6c/wish/216835264 C. A local library purchases new audio books 85040 https://padlet.com/85040/aq0ff6zlz6c/wish/216835310 Personal Consumption Expenditure due to the the audio books being goods]]> 2017-12-18 03:15:41 UTC https://padlet.com/85040/aq0ff6zlz6c/wish/216835310 D. A retailer purchases tennis shoes from a manufacturer in China and sells them 85040 https://padlet.com/85040/aq0ff6zlz6c/wish/216835379 Net exports/ imports , since the tennis shoes are coming from another source to be sold as a good]]> 2017-12-18 03:16:34 UTC https://padlet.com/85040/aq0ff6zlz6c/wish/216835379 E. Mother purchases tennis shoes from retailer 85040 https://padlet.com/85040/aq0ff6zlz6c/wish/216835460 personal consumption expenditure, a good used by a specific person]]> 2017-12-18 03:17:49 UTC https://padlet.com/85040/aq0ff6zlz6c/wish/216835460 2: A. Consumption 85040 https://padlet.com/85040/aq0ff6zlz6c/wish/216835570 An example is durable goods like furniture or toys]]> 2017-12-18 03:19:32 UTC https://padlet.com/85040/aq0ff6zlz6c/wish/216835570 2: B. Investment 85040 https://padlet.com/85040/aq0ff6zlz6c/wish/216835632 An example is a business investing in new manufacturing equipment]]> 2017-12-18 03:20:38 UTC https://padlet.com/85040/aq0ff6zlz6c/wish/216835632 2: C. 85040 https://padlet.com/85040/aq0ff6zlz6c/wish/216835686 An example of government spending is a country spending money on military]]> 2017-12-18 03:21:27 UTC https://padlet.com/85040/aq0ff6zlz6c/wish/216835686 2: D 85040 https://padlet.com/85040/aq0ff6zlz6c/wish/216835719 An example of Net Exports is a country or place exporting goods to another place in exchange for currency ]]> 2017-12-18 03:22:03 UTC https://padlet.com/85040/aq0ff6zlz6c/wish/216835719 2: E 85040 https://padlet.com/85040/aq0ff6zlz6c/wish/216835772 Because used goods have already been sold and accounted for, they are not used in GDP because the first time they were sold/made is when they were accounted in the number and counting them twice will result in a different GDP]]> 2017-12-18 03:22:55 UTC https://padlet.com/85040/aq0ff6zlz6c/wish/216835772 Activity 2: Nominal and real GDP 85040 https://padlet.com/85040/aq0ff6zlz6c/wish/216835875 1. The nominal GDP has raised by $402
2.  Nominal GDP was overstated by $168
3. From Year 1 to Year 2, the raise was in $325
4. It is important to adjust nominal GDP for inflation because then it reflects true GDP based on production and the prices of goods fluctuating and changing.]]> 2017-12-18 03:24:24 UTC https://padlet.com/85040/aq0ff6zlz6c/wish/216835875