Economics E Scavanger Hunt Laura And Derek
BUSA 2720 -- ECONOMICS E-SCAVENGER HUNT – TEAMS OF TWO (rev 1/2015)
PLEASE DOWNLOAD THE ELECTRONIC FORM FROM D2L. I am looking for more than one word responses but some evidence, in your own words, that you understand what these concepts mean. Your completed document should be uploaded to D2L – BUSA 2720 – Economics Assignment. Students will be called at random to answer and explain your responses in next week’s lab. Please include your source (URL) and the date of the information. Each two-person group uploads one copy to the D2L dropbox for this assignment. Paper copies, late submissions or uploading to the wrong dropbox will mean a zero for this assignment – no exceptions. Please use point-form, 12 font and double spacing when completing this assignment and use headings and bullets generously. Page length guideline: 4-5 pages per group submission. Ask me how I will treat social loafing.
Final Grade weight: 5% I. Key Economic Indicators a. Gross Domestic Product
Define in your own words the GDP? What are the various versions of GDP? Explain them.
1. The money value of all the final products and services produced within a country’s border calculated in a specific time period is GDP.
2. GDP can be calculated by production approach, income approach and expenditure approach, which should, in principle give the same result.
The most direct way is production approach, which sums up the total outputs of every class of enterprise.
The expenditure approach assumes that all the products are bought by someone. Therefore, the value of the total products equals to people’s total expenditures in buying things.
The income approach works on the principle that the product’s value equals the incomes of the productive factors, so GDP=the total producer’s incomes.
For example, in expenditure approach, GDP is calculated as all the private consumption in a nation’s economy added by government spending, and added by business
PLEASE DOWNLOAD THE ELECTRONIC FORM FROM D2L. I am looking for more than one word responses but some evidence, in your own words, that you understand what these concepts mean. Your completed document should be uploaded to D2L – BUSA 2720 – Economics Assignment. Students will be called at random to answer and explain your responses in next week’s lab. Please include your source (URL) and the date of the information. Each two-person group uploads one copy to the D2L dropbox for this assignment. Paper copies, late submissions or uploading to the wrong dropbox will mean a zero for this assignment – no exceptions. Please use point-form, 12 font and double spacing when completing this assignment and use headings and bullets generously. Page length guideline: 4-5 pages per group submission. Ask me how I will treat social loafing.
Final Grade weight: 5% I. Key Economic Indicators a. Gross Domestic Product
Define in your own words the GDP? What are the various versions of GDP? Explain them.
1. The money value of all the final products and services produced within a country’s border calculated in a specific time period is GDP.
2. GDP can be calculated by production approach, income approach and expenditure approach, which should, in principle give the same result.
The most direct way is production approach, which sums up the total outputs of every class of enterprise.
The expenditure approach assumes that all the products are bought by someone. Therefore, the value of the total products equals to people’s total expenditures in buying things.
The income approach works on the principle that the product’s value equals the incomes of the productive factors, so GDP=the total producer’s incomes.
For example, in expenditure approach, GDP is calculated as all the private consumption in a nation’s economy added by government spending, and added by business