Scot Wick Blog

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 8 The Data of Macroeconomics Chapter 23 of 36 Measuring A Nation’s Income Section 6 of 15 … GDP definition breakdown: ·1· GDP is the market value ·2· of all ·3· final ·4· goods and services ·5· produced ·6· within a country ·7· in a given period of time … ·3· FINAL International Paper makes paper for Hallmark which uses it to make a greeting card. The paper is an intermediate good. The card is a final good. GDP includes only final goods and services value, this is because the value of an intermediate good is included in the final good price. Counting value of both intermediate and final goods would be double-counting. An exception arises when an intermediate good is produced and rather than being immediately used is added to a firm's inventory of goods for sale later. Here, the intermediate good is considered to be final for the date of calculating GDP. Additions to inventory add to GDP. When the invent...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 8 The Data of Macroeconomics Chapter 23 of 36 Measuring A Nation’s Income Section 5 of 15 … Gross domestic product, GDP, can be defined as the market value of all final goods and services produced within a country in a given period of time. A final good is a product ready for sale to be used by the consumer to satisfy current wants or needs, unlike an intermediate good which is used to produce other goods. A microwave oven or a bicycle is a final good, but the parts purchased to manufacture it are intermediate goods. … GDP definition breakdown: ·1· GDP is the market value ·2· of all ·3· final ·4· goods and services ·5· produced ·6· within a country ·7· in a given period of time … ·1· GDP is the market value The GDP measurement adds together many different kinds of products into a single measure of the value of economic activity using market prices Market prices, because they measure the amount people ar...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 8 The Data of Macroeconomics Chapter 23 of 36 Measuring A Nation’s Income Section 4 of 15 … Figure 1 is a simplified circular flow diagram, it does not include taxes, savings, government purchases, and foreign trade and investment. The actual economy is more complicated, see Figure 1A expanded diagram. Households do not spend all of their income. They pay some to the government in taxes. They save some for future use as private savings. Households do not buy all the goods and services. Some goods and services are bought by government. Some goods and services are bought by firms for production. There are imported and exported goods and services and international financing. The fundamental point is regardless of whether a household or other entity buys a good or service, the transaction always has a buyer and seller. For the entire economy total expenditure always equals total income. … … imported goods a...

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 8 The Data of Macroeconomics Chapter 23 of 36 Measuring A Nation’s Income Section 3 of 15 … Figure 1 - The Circular-Flow Diagram Households buy goods and services from firms. Firms use their revenue from sales to pay wages to workers, rent to landowners, and profit to firm owners. GDP equals both · the total amount spent by households in the market buying goods and services · the total wages, rent, and profit paid by firms in the markets for the factors of production … Starting with households, following yellow line inner circle and moving clockwise: 1-households sell labor, land, and capital in the markets for factors of production to firms 2-firms use the factors to create goods and services 3-firms sell goods in the markets for goods and services to households 4-households consume the goods and services Starting with households, following green line outer circle and moving counter-clockwise: A-househ...

  Fumiko Scot's information: Weight at 165 pounds, got to 160 pounds five years ago and have recently been bouncing between 163 and 168. Common sense ways to lose and keep off weight are eat right and light and get lots of exercise. Main exercise is walking, do 1~2 miles most days. Over career worked as a salesman in the steelmaking, fasteners, and auto manufacturing industries, lots of travel in U.S., Canada, Mexico, and Japan. Have visited every U.S. city with a major league, MLB, NFL, NBA, NHL, sports team except Sacramento, have gotten as close as Travis Air Force Base. Often traveled on Sundays, much time on the road so could not eat right and get enough exercise so got heavy, up to 200 lbs. Was on commission and made enough to retire early, now eat right and light, and get enough exercise. Now am spending most time reading and writing. Our Wick branch goes back to the brother of owner of the Wick House at Morristown National Historical Park in Morristown New Jersey, and on ba...

“The world we see that seems so insane is the result of a belief system that is not working. To perceive the world differently, we must be willing to change our belief system, let the past slip away, expand our sense of now, and dissolve the fear in our minds.” - William James “All experience has shown mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed.” - Thomas Jefferson “Wherever good fortune enters, envy lays siege and attacks it. And when it departs, sorrow and repentance remain behind.” - Leonardo da Vinci “Struggle is the indispensable accompaniment of progress. If men were entirely social, man would stagnate. A certain alloy of individualism and competition is required to make the human species survive and grow. Without qualities of an unsocial kind men might have led an Arcadian shepherd life in complete harmony, contentment, and mutual love. But in that case all their talents would hav...