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Lecture notes BBA in Logistics and Supply chain management (BLG1)
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Chapter 13:Measuring the
performance of
the economy
, LEARNER OUTCOMES
Once you have studied this chapter you should be able to
• explain the five main macroeconomic objectives
• explain what the national accounts represent
• define the most important national accounting concepts
• show how the basic national accounting concepts are
linked
• define the unemployment rate
• define and interpret the consumer price index (CPI)
• explain the balance of payments
• explain a Lorenz curve and the Gini coefficient
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Master ECONOMICS FOR SOUTH AFRICAN STUDENTS
title
style
CHAPTER 13: MEASURING THE PERFORMANCE OF THE ECONOMY
, LO: Explain the five main macroeconomic objectives
13.1 MACROECONOMICS
OBJECTIVES
The five macroeconomic objectives
Economic Full Price Balance of Equitable
growth employment stability payments distribution
stability of income
Click to
edit
Master ECONOMICS FOR SOUTH AFRICAN STUDENTS
title
style
CHAPTER 13: MEASURING THE PERFORMANCE OF THE ECONOMY
, LO: Explain what the national accounts represent
LO: Define the most important national accounting concepts
LO: Show how the basic national accounting concepts are linked
13.2 MEASURING THE LEVEL
OF ECONOMIC ACTIVITY:
GROSS DOMESTIC PRODUCT
• The first step in measuring economic growth is to determine a
country’s total production of goods and services in a specific
period.
• Performed by the national accounting sections of Statistics South
Africa (Stats SA) and the South African Reserve Bank (SARB).
• The central concept in the national accounts is the gross domestic
product (GDP).
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edit
Master ECONOMICS FOR SOUTH AFRICAN STUDENTS
title
style
CHAPTER 13: MEASURING THE PERFORMANCE OF THE ECONOMY
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