By John Evans-Pritchard B.Sc. Econ (auth.)
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Extra info for Macroeconomics: An Introductory Text
Example text
Investment. Closing stock, that which is left at the end of the accounting period, is treated as a sale by the firm to itself, and is recorded under sales receipts. If, however, the stock at the beginning of the accounting period is the same as at the end then all that has happened is that the stock has been used to replace that which was used up. Ifjust the final stock was recorded it would look as though production had increased by the value of the sales plus the stock, when in fact the stock was simply replacing used up stock.
6 Uses of the National Income Statistics I. To indicate the standard ofliving 'The standard of living' is one of those phrases that everyone assumes they know the meaning of until they are actually asked to define it. In the Shorter Oxford Dictionary it is referred to as 'the view prevailing in a community or class with regard to the minimum of material comfort with which it is reasonable to be content'. Today the meaning of the phrase has moved away from a measure of the minimum to one of the average, and away from a view of what would content people to what they get.
When inflation occurs there is a danger that the value of stock may rise even when no production takes place. An example is given below. Mr Brown is a very successful furniture maker who is in the habit of taking every seventh year off to visit relatives in Australia. As he is self-employed, with no other staff, this is a practical proposition. At the end of the sixth year he simply locks up shop and sails off. A year later he returns, opens up and starts business again. To make certain that he has something to sell when he returns he builds up considerable stocks before he leaves, £15 000 worth of furniture.
