ASSIGNMENT COVER REGION HARARE PROGRAMME BCOMM – HHIR INTAKE 31 FULL NAME OF STUDENT DEPHIN GWASHU PINP1819818D MAILING ADDRESS [email protected] CONTACT TELEPHONE/CELL 263 772 112 137 ID. NO.63-467106 J 32 COURSE NAME PRINCIPLES OF ECONOMICS II COURSE CODE BBFH109 ASSIGNMENT NO. e.
g. 1 or 2 1 DUE DATE 09 SEPTEMBER 2018 ASSIGNMENT TITLE __________________________________________________________ ___________________________________________________________________________ ______________________________________________________________________________ MARKERS COMMENTS ______________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ OVERALL MARK _____________ MARKERS NAME ________________________ MARKERS SIGNATURE_______________________________ DATE _________Issue Date Question 1 Describe three methods of measuring a countrys total output Gross domestic Product, GDP, is defined as the measure of countrys overall economic output it is the value of all final goods and services within the borders of a country in a year. A countrys total output can be measured in three methods as the Income Approach, The Output Approach and the Expenditure Approach. Income Approach Income Approach measures the total sum of payments received by a country in a given period of time. Income approach also includes factors of production such as land, labour, capital and entrepreneurship. The Income Approach accounts for the largest share of national income.
The remaining smaller fraction constitute of informal employees as these also contribute for unaccounted for income in most cases. This approach measures wages and salaries paid to employees. In Zimbabwe the largest share is that paid to the government employees as they constitute the largest part of formally employed people. The income approach measures income received in form of rentals for land and premises and buildings.it measures the net incomes due to landlords.
It also includes in some cases, Royalties paid for the use of property and extractable natural resources. (mining sector). It also measures Interest earned by both individual bodies apart from that received by the government. In Zimbabwe today, measurement of the above is a bit difficult given the state of economy the country is going through. The other form of income is that of undistributed profits made by business before they pay corporate taxes. This also applies to profits made by individuals.
Output Approach Measurement using this takes into account of the countrys national output by addin up all input figures of the firms in the countrys economy in order to get the total value of its output. These can be categorised according to industries, ie goods and services. There is however a limitation with this method of measurement as there is a tendency of double counting as the industries interlink in function. According to Lipsey, Rzv .grhPn_(U)syuvwiKgTsGCqh1M_ic N5(x9me6xIxvwcNvW/KR2 [email protected]/qY_(6iyCmDggsW.
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