Part 1 – Section A.7. Domestic output, national income, and price levels

[Hameed]

CMA1.A7.a. define Gross Domestic Product (GDP) and demonstrate an understanding of its components

CMA1.A7.b. calculate GDP using the expenditures approach and the income approach

CMA1.A7.c. define Net Domestic Product (NDP), National Income (NI), Personal Income (PI), and Disposable Income (DI)

CMA1.A7.d. distinguish among GDP, NDP, NI, PI, and DI and calculate one from another given relevant data

CMA1.A7.e. demonstrate an understanding of the importance of GDP as a measure of a country’s economic prosperity

CMA1.A7.f. identify the challenges inherent in the calculation of GDP, including data collection and accuracy limitations

CMA1.A7.g. demonstrate an understanding of the price level and how it affects the measures of domestic output and national income

CMA1.A7.h. define Consumer Price Index (CPI)

CMA1.A7.i. differentiate between Nominal GDP and Real GDP

CMA1.A7.j. demonstrate an understanding of the index of leading economic indicators as a forecast of GDP

[samehshokry]

AT first i want to thank u for ur efforts but unfortunately the links don’t work. i tried but noway second i have a question and i hope u’ll help me in the methods of calculating GDP, we have income and expenditure approach as per HOCK material. In the income approach written that wages, rent, depreciation, indirect taxes minus subsidies and so on. how come that they are calculated as income items although these are expenses… i ouldn’t understand that… if you please try to explain it to me i’m thankful in advance