Lecture 3. The main concepts of macroeconomic analysis Основные понятия макроэкономического анализа

53. Aggregate output (совокупное производство) the total quantity of final goods and services produced in the economy during a given time period

54. Aggregate demand (совокупный спрос) the total value of goods and services demanded in an economy, measured at some specified price level

55. The aggregate demand curve (кривая совокупного спроса) shows the total quantity of goods and services that will be demanded (purchased) at different price levels

56. Aggregate supply (совокупное предложение) the total value of all goods and services supplied in an economy, measured at some specified price level

57. The aggregate supply curve (кривая совокупного предложения) shows the total quantity of goods, and services that will be supplied (produced) at different price levels

58. Aggregate equilibrium (совокупное равновесие) exists when total demand for output equals the current value of output

59. Gross national product (GNP) ( валовой национальный продукт -ВНП) the total market value of all final goods and services produced in the economy during a particular time period, usually a year

60. Final goods (готовые изделия, конечная продукция) goods, which have been purchased for final use and not for resale or further processing or manufacturing (during the year)

61. Intermediate goods (промежуточные товары) goods that are purchased for resale or further processing and manufacturing during the year

62. Double counting (двойной счет) including the value of intermediate goods in the GNP; counting the same good's value more that once

63. Value added (добавленная стоимость) the value of the product sold by a firm less the value of the goods (materials) purchased and used by the firm to produce the product; is equal to the revenue used for wages, rent, interest, and profits

Approaches to calculating GNP Методы подсчета ВНП

64. The expenditure approach to calculating GNP (метод расчета ВНП по расходам) measuring of aggregate expenditure during the year

65. Aggregate expenditure (совокупные расходы) the total spending on final goods and services at a given price level; is equal to: the sum of consumption, C; investment, I; government purchases, G; net exports, (X–M): GNP= C + I +G + (X–M)

66. Consumption (С) (личные потребительские расходы) all household purchases of final goods and services during the year

67. Investment (I) (валовые частные внутренние инвестиции) all output produced during the year but not used for present consumption !! The most important category of investment is physical capital

68. Physical capital (физический капитал) buildings, machinery, tools, and other manufactured items purchased by firms and used to produce goods and services

69. Government purchases (G) (государственные закупки товаров и услуг) spending for goods and services by all levels of government

70. Net exports (X – M) (чистый экспорт) exports, X, minus imports, M; are the value of domestic products purchased by foreigners minus the value of foreign products purchased by domestic residents

71. The income approach to calculating GNP (метод расчета ВНП по доходам) adding up the aggregate income arising from the production Aggregate expenditure = GNP = Aggregate income

72. Aggregate income (совокупный доход) the sum of all the income earned by resource suppliers in the economy GNP = Aggregate income = C + Sp + Sb + T the sum of personal consumption expenditures (C); personal saving (Sp); business saving (Sb); tax payments (T)

73. Personal consumption expenditures (C) (личные потребительские расходы) the expenditures of households for durable and nondurable consumer goods and services

74. Personal saving (Sp) (личные сбережения) personal income after taxes minus consumption expenditure

75. Personal income (PI) (личный доход) total income received by households, including government payments

76. Business saving (Sb) (предпринимательские сбережения) retained earnings plus depreciation allowances

77. Retained earning (оставшаяся прибыль) profit after corporate income taxes minus dividend payments

78. Depreciation (амортизация) allowance for the wearing out of capital goods over a specified period the value of capital stock used up (consumed) during a year in producing GNP capital consumption ( estimated depreciation of the nation's stock of capital goods in a given time period)

Other indicators of national accounts Другие показатели национальных счетов

79. Net national product (NNP) (чистый национальный продукт) equals GNP minus depreciation NNP = GNP – D

80. National income (NI) (национальный доход – НД) total income earned by resource suppliers for their contributions to the production of the GNP; equals NNP plus government subsidies minus indirect business taxes, or simply: NI = NNP – indirect business taxes

Net national income (NNI) (чистый национальный доход) can be expressed as: NNI = C + I + G + (NX) + net foreign factor income - indirect taxes - depreciation where: C = Consumption I = Investments G = Government spending NX = net exports (exports minus imports) !!This formula uses the expenditure method of national income accounting

Indirect tax (косвенный налог) a sales tax or value-added tax, that is levied on goods or services rather than individuals and is ultimately paid by consumers in the form of higher prices

Gross national income (GNI) (валовой национальный доход) Previously known as Gross National Product (GNP), Gross National Income comprises the total value of goods and services produced within a country (i.e. its Gross Domestic Product), together with its income received from other countries (notably interest and dividends), less similar payments made to other countries

81. Disposable income (DI) (доход после уплаты налогов, располагаемый доход) personal income after payment of income taxes; equals personal income minus personal taxes and other government charges

82. Nominal GNP (номинальный ВНП) national output valued at prices prevailing during the period in question

83. Real GNP (реальный ВНП) national output valued at prices prevailing during the period in question – nominal GNP adjusted for price level changes since some base period, to provide a measure of physical output; or GNP in a year divided by the price index for that year Real GNP= Nominal GNP : Price index

84. Price index (индекс цен) a measure of the average change in some type of price relative to a base period; a weighted average of prices in the economy at any given time, divided by the prices of the same goods in a base year (as a percentage)

85. Given year (данный год) any year other than the base year for which a price index is constructed

86. Base year (базовый, базисный год) the year with which prices in other years are compared when a price index is constructed

87. Implicit GNP deflator (полный дефлятор ВНП) a price index for the economy's aggregate output; it is the ratio of nominal GNP to real GNP, multiplied by 100. Implicit price deflator = (nominal GNP : real GNP) x 100.

88. Deflating (дефлирование) finding the real GNP by decreasing the dollar value of the GNP produced in a year in which prices were higher than in the base year

89. Inflating (инфлирование) finding the real GNP by increasing the dollar value of the GNP produced in a year in which prices are lower than they were in the base year