00:01
These three aspects of analysis we want to look at in the broad analysis of production or economic activity.
00:14
So when you talk about the measurements of gdp, we basically outline three primary methods.
00:23
And the first one, the value -added method or known as the production method, the production.
00:28
The production method, also known as the value added method.
00:39
Okay, so the second one is expenditure method.
00:45
So this is basically looking at what the final consumers, or the consumers of the final product have spent on those products.
00:55
That's expenditure method.
00:57
And the income method is basically an appreciation of effect that, production takes place as a result of factors of production, and each factor of production is remunerated or compensated for its use.
01:14
So the income method basically measures the remuneration for factors of production.
01:21
That income earned by labour, that is wages and salaries, natural resources rent, entrepreneurship, profit, and so forth.
01:32
And that's the first part.
01:34
And the second part is basically looking at the relationship here.
01:39
What are the relation between unemployment and inflation? we can borrow an analysis known basically as the phillips curve.
01:55
Okay, so basically the phillips curve would show the relationship between the increase, the rate of increase in the money wages, which is a close indicator of inflation, okay, and the unemployment rate...