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 9 of 15 … Table 1 shows GDP consists of four components · consumption spending (C) · investment spending (I) · government purchases (G) · net exports (exports – imports) (NX) The equation for GDP becomes Y = C + I + G + NX … Consumption (C) · household (non-business) spending on new final goods and services · purchases of new housing are not included Consumption goods include household spending on · durable goods, e.g. automobiles and appliances · nondurable goods, e.g. food and clothing · services, e.g. haircuts, medical care, education … Investment (I) · is the purchase of goods and services to be used to produce more goods and services · is the sum of purchases of capital equipment, inventories, and structures · includes purchases of new housing For GDP calculation when Dell produces a computer and adds it to its inve...

  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 8 of 15 … When the U.S. Department of Commerce calculates the nation's GDP every three months it also calculates various other measures of income to get a more COMPLETE PICTURE OF THE ECONOMY. These other measures differ from GDP because certain income categories are excluded or included. Five of these income measures are: ·1· Gross national product ·2· Net national product ·3· National income ·4· Personal income ·5· Disposable personal income … ·1· Gross national product (GNP), is the total income earned by a nation's permanent residents, “nationals.” It differs from GDP by · including income our citizens earn abroad · excluding income foreigners earn in the USA When a Canadian citizen works temporarily in the United States their production is part of U.S. GDP but is not part of U.S. GNP. For the United States and mos...

  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 7 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 … ·6· Within a country GDP measures the value of production within a country. When a Canadian citizen works temporarily in the United States, his production is part of U.S. GDP not Canada’s. When an American citizen owns a factory in Haiti, the production at the factory is not part of U.S. GDP but rather of Haiti’s. … ·7· In a given period of time GDP measures the value of production within a specific time interval. The interval is usually a year or quarter year (3 months). When government reports quarterly GDP it is stated in terms of an annual rate. This means the quarterly GDP figure is the amount of income and expenditure during the quarter multiplie...

  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...