Summary Of "The Economic Aggregates" By Jorge Souto: UNIVERSITY SUMMARIES

By MAURICIO ENRIQUE FAU

We have summarized here the essential of this book by the author.

THE ECONOMIC AGGREGATES
Macroeconomics studies an overview of economic aggregates and their interaction. The set of standards, procedures and conventions designed to measure these aggregates is known as National Accounting or National Accounts. The wealth generated in a country can be articulated around the so-called fundamental macroeconomic equation. A society generates a set of needs that are satisfied through goods, these goods can be classified as consumer goods when they are aimed at satisfying immediate needs (food, clothing, etc.) or investment when they are intended to be part of the production process. For example, a car can be a durable consumer good, if it is intended to be used by a family, or a capital good if it is used as a taxi and thus forms part of the productive apparatus providing services, in this case transportation.

• Language: English
• Publisher: BOOKS AND SUMMARIES BY MAURICIO FAU
• Release date: Jan 28, 2022
• ISBN: 9798201689049

MAURICIO ENRIQUE FAU

Mauricio Enrique Fau nació en Buenos Aires en 1965. Se recibió de Licenciado en Ciencia Política en la Universidad de Buenos Aires. Cursó también Derecho en la UBA y Periodismo en la Universidad de Morón. Realizó estudios en FLACSO Argentina. Docente de la UBA y AUTOR DE MÁS DE 3.000 RESÚMENES de Psicología, Sociología, Ciencia Política, Antropología, Derecho, Historia, Epistemología, Lógica, Filosofía, Economía, Semiología, Educación y demás disciplinas de las Ciencias Sociales. Desde 2005 dirige La Bisagra Editorial, especializada en técnicas de estudio y materiales que facilitan la transición desde la escuela secundaria a la universidad. Por intermedio de La Bisagra publicó 38 libros. Participa en diversas ferias del libro, entre ellas la Feria Internacional del Libro de Buenos Aires y la FIL Guadalajara.

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Summary Of The Economic Aggregates By Jorge Souto

UNIVERSITY SUMMARIES

MAURICIO ENRIQUE FAU

Published by BOOKS AND SUMMARIES BY MAURICIO FAU, 2022.

While every precaution has been taken in the preparation of this book, the publisher assumes no responsibility for errors or omissions, or for damages resulting from the use of the information contained herein.

SUMMARY OF THE ECONOMIC AGGREGATES BY JORGE SOUTO

First edition. January 28, 2022.

Copyright © 2022 MAURICIO ENRIQUE FAU.

ISBN: 979-8201689049

Written by MAURICIO ENRIQUE FAU.

Table of Contents

Title Page

Copyright Page

Souto, Jorge | THE ECONOMIC AGGREGATES

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Souto, Jorge

THE ECONOMIC AGGREGATES

Macroeconomics studies an overview of economic aggregates and their interaction. The set of standards, procedures and conventions designed to measure these aggregates is known as National Accounting or National Accounts. The wealth generated in a country can be articulated around the so-called fundamental macroeconomic equation. A society generates a set of needs that are satisfied through goods, these goods can be classified as consumer goods when they are aimed at satisfying immediate needs (food, clothing, etc.) or investment when they are intended to be part of the production process. For example, a car can be a durable consumer good, if it is intended to be used by a family, or a capital good if it is used as a taxi and thus forms part of the productive apparatus providing services, in this case transportation.

The GROSS DOMESTIC PRODUCT is the sum of final goods and services produced in a country during a period of time (conventionally established in one year). Factors of production intervene in the production process: land, capital and work, the owners of these factors receive in payment for that participation the so-called remuneration to the factors that constitute their income. We can see this circuit in the diagram of CIRCULAR FLOW OF INCOME, which appears on page 86 of the book.

The gross product is equal to the sum of the value added in the transformation process, and the income received by the owners of the factors of production in the form of profits, salaries or rents.

GDP = V.A. = AND

The destination of the goods will be consumption or investment (capital goods), therefore:

GDP = C + I

From the point of view of family income, this part is used to meet their immediate needs or savings to meet future needs.

Y = C + S

S: Savings, that part of the income not destined to satisfy immediate needs, (deferred consumption).

Imports are consumer and investment goods that come from abroad.

Exports are consumer and investment goods produced in the country and destined to be consumed abroad.

GDP = C + I + X – M

Incorporating the GOVERNMENT SECTOR or Public Sector, with services such as health, education, security and using consumer goods such as paper, fuel, and investment such as trucks,