output approach

Examples of output approach in the following topics:

• Calculating GDP

  • GDP can be calculated through the expenditures, income, or output approach.
  • However, another approach referred to as the "output approach" calculates GDP by evaluating the value of all sales and adjusting for the purchase of intermediate goods (to remove double counting).
  • The most well known approach to calculating GDP, the expenditures approach is characterized by the following formula:
  • The output approach is also called "net product" or "value added" method.
  • Net value added = Gross value of output – Value of intermediate consumption.

• Learning from GDP

  • GDP can be evaluated by using an output approach, income approach, or expenditure approach.
  • The output approach focuses on finding the total output of a nation by directly finding the total value of all goods and services a nation produces.
  • The income approach equates the total output of a nation to the total factor income received by residents or citizens of the nation.
  • The expenditure approach is basically an output accounting method.
  • The basic formula for domestic output takes all the different areas in which money is spent within the region, and then combines them to find the total output .

• National Income

  • A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region.
  • The output approach focuses on finding the total output of a nation by directly finding the total value of all goods and services a nation produces:
  • The income approach equates the total output of a nation to the total factor income received by residents or citizens of the nation:
  • The expenditure approach focuses on finding the total output of a nation by finding the total amount of money spent and is the most commonly used equational form:
  • The expenditure approach is a common method for evaluating the value of an economy at a given point in time.

• Gross Domestic Product

  • The product approach is the most direct, summing the outputs of every class of enterprise to arrive at the total.
  • This approach determines GDP by finding the sum of all producers' incomes.
  • The expenditure approach only measures products that are intended to be sold.
  • The production approach is also known as the Net Product or Value Added method.
  • Estimating the gross value of domestic output in various economic activities;

• Graphical Representations of Production and Cost Relationships

  • At the maximum of TP (LB amount of labour, output QB) at point B, the VC function will "turn back" and as output decreases the VC will continue to rise.
  • This will be the same output level were the MC is a minimum.
  • as long as Q increases, AFC will decrease, it approaches the Q axis "asymptotically."
  • The average total cost (ATC) is the total cost per unit of output.
  • In Figure V.5, the AFC is shown declining over the range of output.

• Continuity

  • A continuous function is a function for which, intuitively, "small" changes in the input result in "small" changes in the output.
  • A continuous function is a function for which, intuitively, "small" changes in the input result in "small" changes in the output.
  • The function $f$ is continuous at some point $c$ of its domain if the limit of $f(x)$ as $x$ approaches $c$ through the domain of $f$ exists and is equal to $f(c)$.
  • If the point $c$ in the domain of $f$ is not a limit point of the domain, then this condition is vacuously true, since $x$ cannot approach $c$ through values not equal to $c$.

• Defining Personal Selling

  • The personal selling process is a seven step approach: prospecting, pre-approach, approach, presentation, meeting objections, closing the sale, and follow-up.
  • The pre-approach is used for preparing for the presentation through customer research and goal planning for the presentation.
  • The approach is when the salesperson initially meets with the customer and determines a customer's wants and needs.
  • The relatively new field of sales process engineering views "sales" as the output of a larger system, not just as the output of one department.
  • From this perspective, "sales" and "marketing," among others, represent a number of processes whose inputs and outputs supply one another to varying degrees.

• Quality Control

  • Quality control is a process that evaluates output against a standard and takes corrective action when output doesn't meet that standard.
  • Quality control is a process that evaluates output against a standard and takes corrective action when output doesn't meet these predetermined standards.
  • At that time quality control evolved to quality assurance and is now better known as a Strategic Approach, a tool for improving not only products but also processes and services.

• Measuring Productivity

  • Productivity is represented by production functions, and is the amount of output that can be generated from a set of inputs.
  • Productivity, in economic terms, measures inputs and outputs to derive overall production efficiency within a system.
  • Increased productivity means more output is produced from the same amount of inputs.
  • There are a variety of ways to approach the measuring of productivity in the context of production functions:
  • In this circumstance 'Q' is the quantity of output while each 'x' is a factor input.

• Continuous REGE for geodesic distances (Padgett's marriage data)

  • An alternative approach to the undirected Padgett data is to treat the different levels of geodesic distances as measures of (the inverse of) strength of ties.
  • The first panel of the output displays the approximate pair-wise regular similarities as a matrix.
  • The continuous REGE algorithm applied to the undirected data is probably a better choice than the categorical approach.
  • The result still shows very high regular equivalence among the actors, and the solution is only modestly similar to that of the categorical approach.