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Scan the text, find the definitions of Gross National Product, Net national Product, National income, Personal Income and Disposable Personal Income. Dwell on each of them.





Other Measures of Income

When the U.S. Department of Commerce computes the nation's GDP every three months, it also computes various other measures of income to get a more complete picture of what's happening in the economy. These other measures differ from GDP by excluding or including certain categories of Income. What follows is a brief description of five of these income measures, ordered from largest to smallest.

Gross national product (GNP) is the total income earned by a nation's permanent residents (called nationals). It differs from GDP by including income that our citizens earn abroad and excluding income that foreigners earn here. For example, when a Canadian citizen works temporarily in the United States, his production is part of U.S. GDP, but it is not part of U.S. GNP. (It is part of Canada's GNP.) For most countries, including the United States, domestic residents are responsible for most domestic production, so GDP and GNP are quite close.

Net national product (NNP) is the total income of a nation's residents (GNP) minus losses from depreciation. Depreciation is the wear and tear on the economy's stock of equipment and structures, such as trucks rusting and lightbulbs burning out. In the national income accounts prepared by the Department of Commerce, depreciation is called the “consumption of fixed capital”.

National income is the total income earned by a nation's residents in the production of goods and services. It differs from net national product by excluding indirect business taxes (such as sales taxes) and including business subsidies. NNP and national income also differ because of a “statistical discrepancy” that arises from problems in data collection.

Personal income is the income that households and noncorporate businesses receive. Unlike national income, it excludes retained earnings, which is income that corporations have earned but have not paid out to their owners. It also subtracts corporate income taxes and contributions for social insurance (mostly Social Security taxes). In addition, personal income includes the interest income that households receive from their holdings of government debt and the income that households receive from government transfer programs, such as welfare and Social Security.



Disposable personal income is the income that households and noncorporate businesses have left after satisfying all their obligations to the government. It equals personal income minus personal taxes and certain nontax payments (such as traffic tickets).

Although the various measures of income differ in detail, they almost always tell the same story about economic conditions. When GDP is growing rapidly, these other measures of income are usually growing rapidly. And when GDP is falling, these other measures are usually falling as well. For monitoring fluctuations in the overall economy, it does not matter much which measure of income we use.

 

WRITING

 

Using the information obtained from the previous text make its outline in writing. You may use the following clichés: the text deals with …; it draws our attention to … ; of special interest is the argument that … .it is noted that … . The author concludes by saying that … .

TRANSLATION

 

A. Translate from English into Russian.

The meaning of "government purchases" also requires a bit of clarification. When the government pays the salary of an Army general, that salary is part of government purchases. But what happens when the government pays a Social Security benefit to one of the elderly? Such government spending is called a transfer payment because it is not made in exchange for a currently produced good or service. From a macroeconomic standpoint, transfer payments are like a tax rebate. Like taxes, transfer payments alter household income, but they do not reflect the economy's production. Because GDP is intended to measure income from (and expenditure on) the production of goods and services, transfer payments are not counted as part of government purchases.



 

B. Translate from Russian into English.

ВВП представляет собой годовую совокупную рыночную стоимость продукции материального производства и сферы услуг, независимо от национальной принадлежности предприятий, расположенный на территории данной страны. В отличие от этого, ВНП – это совокупная рыночная стоимость всего объема продукции и услуг за год независимо от местоположения национальных предприятий (в своей стране или за рубежом).

Величина ВВП может быть определена тремя методами.

Во-первых, методом суммирования ДС по всем отраслям национальной экономики (ВВП по производству или отраслям).

Во-вторых, методом измерения ВВП по расходам.

В-третьих, методом измерения ВВП по доходам, включающим заработну платуработников, прибыли фирм и корпораций и т.д.

 

SPEAKING

 

Summarize the information of the Unit to be ready to speak on Gross Domestic Product. Use the following prompts as a plan.

– Give the definition of GDP and explain it.

– Dwell on the components of GDP.

– Speak on other measures of income in short

– Dwell on indicators of the economic development of a society GDP encompasses.

– Explain what economic problems are left out of GDP.

– What’s the way GDP is measured in Belarus?

– Do you think it’s a good way to measure (estimate) a country’s wealth?

VOCABULARY

 

adjust n – регулировать, налаживать

adjustable adj – регулируемый, подвижный

adjustment n – регулировка, приспособление

seasonal ~ – поправка с учетом сезонных изменений,

deflatorn – дефлятор

depreciationn – 1. обесценивание; 2. изнашивание, амортизация

domestic adj – отечественный, внутренний

ensure v – гарантировать, обеспечивать

estimate v – оценивать

expendituren– издержки, расход(ы)



to undertake ~ – нести расходы

gross domestic product –валовый внутренний продукт

gross national product –валовой национальный продукт

incomen – доход, прибыль

personal ~ – личный доход

national ~ – национальный доход

disposable personal ~ – доход, остающийся после уплаты налогов, наличный доход

intermediateadj – промежуточный

intervene v – вмешиваться

inventory n – материально-производственные запасы

measure v – измерять

outputn – 1. выпуск; 2. продукция; 3. производство; 4. производительность

revenue n – доход, поступление от продаж

spending n – расходы

government / nongovernment ~ (syn. government expenditures) –правительственные/неправительственные расходы

transactionn сделка

transfer n – перевод (денежных сумм)

~ payments – трансфертные платежи, передаточные платежи (выплаты населению по программам социального страхования и платежи процентов владельцам государственных обязательств)

make a ~ – делать перевод

pay by ~ – уплатить посредством перевода

value n – цена, стоимость

market ~ – рыночная стоимость

well-being n – благосостояние, материальное благополучие; благоденствие, процветание

standard of ~ – уровень благосостояния

 

GLOSSARY

 

· Depreciationis the wear and tear on the economy's stock of equipment and structures

· Disposable personal incomeis the income that households and noncorporate businesses have left after satisfying all their obligations to the government.

· GDP deflator a measure of the price level calculated as the ratio of nominal GDP to peal GDP times 100.

· Gross domestic product (GDP)the market value of all final goods and services produced within a country in a given period of time.

· Gross national product (GNP)is the total income earned by a nation's permanent residents (called nationals)

· Consumptionspending by households on goods and services, with the exception of purchases of new housing.

· Government purchases spending on goods and services by local, state, and federal governments.

· National incomeis the total income earned by a nation's residents in the production of goods and services

· Net exports spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports).

· Net national product (NNP)is the total income of a nation's residents (GNP) minus losses from depreciation

· Nominal GDP the production of goods and services valued at current prices.

· Personal incomeis the income that households and noncorporate businesses receive

· Real GDPthe production of goods and services valued at constant prices.

 


INFLAtion

 

DISCOVERING CONNECTIONS

 

1. How does inflation affect people’s income and wealth? Why should inflation cause concern?

2. Suppose you borrow $100 from a bank at 5 percent interest for one year and the inflation rate that year is 10 percent. Was this loan advantageous to you or to the bank?

3. Who do you think loses from inflation? Who wins from inflation?

4. How will you explain this statement: “If everyone expects inflation to occur, it will.”

 

READING

 

Text 1

As you read the text, focus on the terms in italics.

 








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