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TSU English control number 2 for economists
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Product description
Verification work number 2 (II semester)
for students of the direction "Economics"
Exercise number 1.
Working with text. Read and translate the text orally.
Gross Domestic Product and Gross National Product.
1. Gross Domestic Product or GDP is the amount of money a country makes from goods and services inside the country for a certain of time, usually for a year.
2. When GDP is calculated different sectors of economy can be analyzed. In the United Kingdom the following sectors of economy are usually analyzed: manufacturing, services (financial, professional and scientific services, leisure and tourism), energy (oil, natural gas, coal) and agriculture. In the United States the following sectors of economy are usually analyzed when the GDP is defined: construction and manufacturing; trade and finance; transport, communication and services; agriculture; and mining.
3. Speaking, as an example, about one of the recent year's GDP figures, the following can be quoted: In the UK the services sector accounted for roughly 60 per cent of Gross Domestic Product. Manufacturing sector accounted for a small percentage of Gross Domestic Product. Energy production sector accounted for about 8 per cent of GDP. Agriculture - only for 4 per cent of GDP. But the agricultural sector satisfies two thirds of the country's needs. And only a small fraction of the total population, about 2 per cent, are engaged in agriculture.
4. In the USA the construction and manufacturing sector accounted for 40 per cent of GDP; trade and finance earned 25 per cent of GDP; transport, communication and services sector earned 20 per cent of GDP; agriculture and mining earned 5per cent of GDP. By the way 10 per cent of the employed population of the United States is engaged in agriculture.
5. So, the Gross domestic product (GDP) is the value of output of the factors of production located in the domestic economy. It can be measured in three equivalent ways: as the sum of value added in production, the sum of factor incomes including profits accruing to entrepreneurs, or the sum of final expenditure.
6. What Does GNP Actually Measure? A company's accounts provide a picture of how the company is doing. Our system of national income accounting allows us to assess the performance of the economy as a whole. But, just as a company's accounts may conceal as much as they reveal, we must interpret the national income accounts with some care. We concentrate on GNP as a measure of national economic performance.
7. GNP measures total income earned by domestic citizens regardless of the country in which their factor services were supplied. GNP equals GDP plus net property income from abroad. GNP takes no account of non-market activities such as pollution, and valuable activities such as work in the home. No allowance is made for production unreported by tax evaders. GNP does not measure the value of
leisure.
Additional information
Verification work number 2 (II semester)
for students of the direction "Economics"
Exercise number 1.
Working with text. Read and translate the text orally.
Gross Domestic Product and Gross National Product.
1. Gross Domestic Product or GDP is the amount of money a country makes from goods and services inside the country for a certain of time, usually for a year.
2. When GDP is calculated different sectors of economy can be analyzed. In the United Kingdom the following sectors of economy are usually analyzed: manufacturing, services (financial, professional and scientific services, leisure and tourism), energy (oil, natural gas, coal) and agriculture. In the United States the following sectors of economy are usually analyzed when the GDP is defined: construction and manufacturing; trade and finance; transport, communication and services; agriculture; and mining.
3. Speaking, as an example, about one of the recent year's GDP figures, the following can be quoted: In the UK the services sector accounted for roughly 60 per cent of Gross Domestic Product. Manufacturing sector accounted for a small percentage of Gross Domestic Product. Energy production sector accounted for about 8 per cent of GDP. Agriculture - only for 4 per cent of GDP. But the agricultural sector satisfies two thirds of the country's needs. And only a small fraction of the total population, about 2 per cent, are engaged in agriculture.
4. In the USA the construction and manufacturing sector accounted for 40 per cent of GDP; trade and finance earned 25 per cent of GDP; transport, communication and services sector earned 20 per cent of GDP; agriculture and mining earned 5per cent of GDP. By the way 10 per cent of the employed population of the United States is engaged in agriculture.
5. So, the Gross domestic product (GDP) is the value of output of the factors of production located in the domestic economy. It can be measured in three equivalent ways: as the sum of value added in production, the sum of factor incomes including profits accruing to entrepreneurs, or the sum of final expenditure.
6. What Does GNP Actually Measure? A company's accounts provide a picture of how the company is doing. Our system of national income accounting allows us to assess the performance of the economy as a whole. But, just as a company's accounts may conceal as much as they reveal, we must interpret the national income accounts with some care. We concentrate on GNP as a measure of national economic performance.
7. GNP measures total income earned by domestic citizens regardless of the country in which their factor services were supplied. GNP equals GDP plus net property income from abroad. GNP takes no account of non-market activities such as pollution, and valuable activities such as work in the home. No allowance is made for production unreported by tax evaders. GNP does not measure the value of
leisure.
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