2018-02-13
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National accounts provide a quantitative description of the state of the economy at the macro level. Indicators derived from national accounts are widely used in economic policy analysis. Examples are national income, price and wage deflators as measures of inflation, purchasing power, total employment, imports, exports, current account of the balance of payments, government receipts and expenditure, government deficit, total consumption, investments, stock building, etc.. In almost all countries data of the national accounts are compiled by the National Statistical Offices (NSOs) following uniform international guidelines.
The presentation of national accounts data may vary by country (commonly, aggregate measures are given greatest prominence), however the main national accounts include the following accounts for the economy as a whole and its main economic actors.
Current accounts:
production accounts which record the value of domestic output and the goods and services used up in producing that output. The balancing item of the accounts is value added, which is equal to GDP when expressed for the whole economy at market prices and in gross terms;
income accounts, which show primary and secondary income flows - both the income generated in production (e.g. wages and salaries) and distributive income flows (predominantly the redistributive effects of government taxes and social benefit payments). The balancing item of the accounts is disposable income ("National Income" when measured for the whole economy);
expenditure accounts, which show how disposable income is either consumed or saved. The balancing item of these accounts is saving.
Capital accounts, which record the net accumulation, as the result of transactions, of non-financial assets; and the financing, by way of saving and capital transfers, of the accumulation. Net lending/borrowing is the balancing item for these accounts
Financial accounts, which show the net acquisition of financial assets and the net incurrence of liabilities. The balance on these accounts is the net change in financial position.
Balance sheets, which record the stock of assets, both financial and non-financial, and liabilities at a particular point in time. Net worth is the balance from the balance sheets (United Nations, 1993).
The accounts may be measured as gross or net of consumption of fixed capital (a concept in national accounts similar to depreciation in business accounts).
Notably absent from these components, however, is unpaid work, because its value is not included in any of the aforementioned categories of accounts, just as it is not included in calculating gross domestic product (GDP). An Australian study has shown the value of this uncounted work to be approximately 50% of GDP, making its exclusion rather significant. As GDP is tied closely to the national accounts system, this may lead to a distorted view of national accounts. Because national accounts are widely used by governmental policy-makers in implementing controllable economic agendas,some analysts have advocated for either a change in the makeup of national accounts or adjustments in the formulation of public policy.
GNP and ways of its calculation
Main macroeconomic indicators.
There are several indicators that measure results of national economy. They are called macroeconomic indicators
How to calculate GNP
GNP=ΣPxQ P-price Q-quantity
The methods of measuring GNP
According to the expenses
GNP=C+I+G+Xn C-consumption expenses() I- investment expenses G-government expenses Xn- net export (Export-import)
According to the income
GNP=wage+interest+dividend+ profit+rent
What does GNP per person show?
GNP per person= GNP: population
e.g. 180 000 000 USD: 17 000= 10 500
Unemployment: essence and types39.Unemployment: essence and reasons
Unemployment is surplus of labour supply on demand for labour
Interactions between supply of and demand for labour identify employment level
Unemployment rate (U.r.)=number unemployment people/general population x100%
E.gU.r.= 900 000/16 000 000 x 100 %= 5.6%
Unemployment Rate in Kazakhstan remained unchanged at 5.20 percent in September of 2013 from 5.20 percent in August of 2013. Unemployment Rate in Kazakhstan is reported by the Agency of Statistics of the Republic of Kazakhstan.
Types of unemployment
Frictional unemployment means voluntary giving up the job
Structural unemployment is staying without job because of a new technology, changes in structure of enterprise
Cyclical unemployment is staying without job because of changes in economic cycle (reason of it low demand in economy)
Four Causes of Frictional Unemployment
One reason for unemployment is voluntary. Some of the unemployed have saved enough money so they can quit unfulfilling jobs. They have the luxury to search until they find just the right opportunity.
The second cause is when workers must move for unrelated reasons. They are unemployed until they find a position in the new town.
The third reason is when new workers enter the workforce. That includes students who graduate from high school, college or any higher degree program. They look for a job that fits their new skills and qualifications.
That's a primary reason for youth unemployment.
The fourth reason is when job seekers re-enter the workforce. These are people who went through a period in their lives when they stopped looking for work. They could have stopped working to raise children, get married or care for elderly relatives.
