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## 11 Jun Income Approach to Calculating GDP

: Income Approach to Calculating GDP (weight 45% of the assignment grade)

Complete the following exercise:

Go to http://www.bea.gov/

Visit the Bureau of Economic Analysis website at www.bea.gov. From the drop-down menu under “Data”, click on “by Economics Account”. Then click on “National”, “Gross Domestic Product, and “Full Release and Tables”. Use table 7 (Relation of Gross Domestic Product, Gross National Product, and National Income) and table 8 (Personal Income and its Disposition).

1.     Create the table that contains the following information for the last quarter where data required for this exercise is available.

Please note that using the data for previous years and/or previous estimates will produce grade zero for this part of the project.

Omit the intermediate lines found in Tables 7 and 8 on the web site.

·       Gross domestic product

·       Gross national product

·       Net national product (you should calculate it as Gross national product minus Consumption of fixed capital)

·       National income

·       Personal income

·       Personal Disposable Income

·       Personal Savings

2. Write a report in your own words (2 pages, double-spaced), which contains the analysis of the results you received. In this report consider, but do not be limited to the following:

1.     What is the difference between gross domestic product (GDP) and gross national product (GNP)? What is the difference in what GDP measures compared to GNP?

1. Based on the table, what calculations must you make to determine GNP from GDP?
2. What is national income (NI)? What does NI measure?
3. Which was higher in this year, GNP or NI? By how much?
4. What calculations must you make to determine NI from GNP?
5. NI is composed of a number of categories. What category makes up the largest portion of NI?
6. What calculations must you make to determine Personal Income from National Income?
7. What calculations must you make to determine Personal Disposable Income and Personal Savings?
8. Please analyze and discuss the significance of the data that you received for this Data exercise.
9. Reflect on what you have learned from this exercise.

PRESENTATION OF THE DATA EXERCISE AND USE OF APA CITATION METHODOLOGY (10%) of the project grade):

·       Organization, format, and presentation of paper including the title page, introduction, body, and summary. Begin each section with a subheading; use the subheadings described in the assignment (3% of the project grade).

·       Use of tables, figures, and other graphics to summarize and support analysis presented in the paper. All tables and charts should have the numbering system: “Table 1”, a substantive title, and a reference to the source of the information. (3% of the project grade).

·       Research sources and significance of research information and data, and use of APA citation methodology (4% of the project grade).

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