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Types of markets. Module 2 basics of marketing




UNIT 9

MODULE 2 BASICS OF MARKETING

Comprehension check.

REAL GDP

SUPPLEMENTARY READING

SPEECH PRACTICE

1. Speak about the ways and means of measuring economic activity.

2. Find in the periodicals the economic indicators for Ukraine for the previous two-three years, compare them and make a short summary on the development of economic activity in the country.

 

GDP is a dollar measure of production. In comparing one year with another, we run into the problem that the dollar is not a stable measure of purchasing power. In the 1970s especially, GDP rose a great deal, not because the economy was actually growing rapidly but because the dollar was inflating. For comparisons across years, we need a measure of output that adjusts for inflation. We want GDP in constant dollars, or, as we will generally call it, real GDP. In contrast, the GDP that we have looked at so far is sometimes called nominal GDP. From 1972 to 1990 nominal GDP grew by 357 percent from $1,207.0 billion to $5,513.8 billion. During the same period real GDP grew by about 57 percent. The conversion from nominal to real makes a big difference.

The concept of real GDP is straightforward. We want to measure consumption, investment, government purchases, and exports in physical rather than dollar units. Further, we want to subtract imports in the same physical units, so that real GDP is a measure of production.

To compute consumption in real terms, the national income statisticians gather data on the pieces of consumption goods in great deal. They take the data on the corresponding detailed flows of goods to consumers and restate them in 1987 dollars. For example, suppose the retail price of a typical shirt rose from $10.00 in 1987 to $12.00 in 1991. The flow of shirts to consumers was $3 billion in 1987 and $5 billion in 1991. Consumption of shirts in real terms was $3 billion in 1987 dollars in 1987 and $4.17 billion in 1987 dollars in 1991. The $4.17 billion is computed as

(5 billion 1991 dollars) x [(10/12)1987 dollars per 1991 dollar]=

=4.17 billion 1987 dollars.

The same type of adjustment for price change is applied to each detailed category of consumption, investment, government purchases, exports, and imports. Then real GDP is real consumption plus real investment plus real government purchases plus real exports less real imports.

1. Why are there two types of GDP? How do they differ?

2. How do statisticians compute consumption in real terms?

Grammar: Infinitive: forms and functions

Assignment 1. Read and learn the following words and phrases.

arrangement – впорядкування, угода;

to carry out – проводити, виконувати;

better off – краще забезпечений;

to rely (on) – покладатися (на);

price adjustment – регулювання цін;

to engage – займатися,залучати(ся);

accurately – точно, правильно;

to gauge – вимірювати, оцінювати;

subsequent – наступний, подальший;

welfare – добробут;

to accommodate – пристосовувати;

fluctuation – коливання;

flea market – блошиний ринок, барахолка;

consumer market – споживчий ринок, ринок споживчих товарів;

industrial market – ринок товарів промислового призначення;

household – домашнє господарство;

auction – аукціон;

laissez-faire policy – ліберальна політика, політика невтручання;

to intervene – втручатися, перешкоджати;

taxes – податки;

subsidy – субсидія, дотація;

spontaneously – спонтанно, раптово;

to meet the requirements – відповідати вимогам;

buying power – купівельна спроможність;

authority – повноваження.

 

Assignment 2. Read and translate the following text.




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