seminar-type classess for сФ305

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Q10. GDP as the main indicator of the System of National Accounts. Nominal and real GDP

Gross Domestic Product (GDP): The main indicator of the System of National Accounts (SNA) because it summarizes the overall economic activity of a country.
- GDP measures the total value of all final goods and services produced within a country during a specific period.
- It connects the key elements of the SNA: production, income, and expenditure
- GDP can be calculated by three approaches:
1. Production approach – sum of value added by all industries.
2. Income approach – total incomes earned in production (wages, profits, rent, taxes).
3. Expenditure approach – total spending on final goods and services.

Nominal and Real GDP
Nominal GDP: Calculated using current prices of the reporting year.
- It reflects both changes in production volume and changes in the general price level.
- Growth in nominal GDP may result from inflation, not necessarily from real economic growth.

Real GDP: Calculated using constant (base-year) prices.
- It removes the effect of price changes and shows the actual growth of goods and services produced.
- Real GDP is more suitable for time comparisons and for analyzing economic growth.
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Q34. Types and insurance contracts for individuals

1) Types of insurance for individuals:
i. Life insurance – protects family against loss of income after death.
ii. Health insurance – covers medical expenses.
iii. Accident insurance – provides compensation for injuries from accidents.
iv. Disability insurance – replaces income if the person cannot work due to disability.
v. Personal property insurance – protects belongings like home or valuables.

2) Insurance contracts for individuals:
i. Agreement between the insurer and the insured.
ii. Insurer promises to pay compensation for specific risks.
iii. Insured pays a premium in return.
iv. Common contracts: life insurance policies, health insurance policies, accident policies, property insurance contracts.
v. Contracts specify coverage, duration, and obligations of both parties.

Question 3. Market and its functions

The market is a system of economic relations between buyers and sellers through which goods and services are exchanged and prices are formed.

Main market functions
• Pricing – formation of prices based on supply and demand.
• Regulatory – allocation of resources toward efficient sectors.
• Information – providing data on prices, demand, and supply.
• Stimulating – encouraging competition, innovation, and cost reduction.
• Distributive – distribution of income among economic agents.

The market coordinates economic activity and ensures efficient functioning of the economy.

Question 20. Settlement and cash operations

Settlement and cash operations involve the movement of money in cash and non-cash forms.

Main types
• Bank transfers – non-cash transfers between bank accounts.
• Money transfers – transfers without opening an account.
• Payment cards – cashless payments and cash withdrawals.
• Cash operations – payments, deposits, and withdrawals in cash.
• Currency exchange operations – purchase and sale of foreign currency.

These operations ensure smooth payments and support the functioning of the financial system.

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