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Description
In this programme Professor Brooman explains the National accounting concepts and shows how the economy can be looked upon as a circular flow system. He goes on to show how the system has a full em...ployment level but can run at a lower level than this and still be in equilibrium. He talks briefly on the problems of growth rate and investment, and finishes by including Government spending imports and exports into the model of the economy.
In this programme Professor Brooman explains the National accounting concepts and shows how the economy can be looked upon as a circular flow system. He goes on to show how the system has a full em...ployment level but can run at a lower level than this and still be in equilibrium. He talks briefly on the problems of growth rate and investment, and finishes by including Government spending imports and exports into the model of the economy.
| Module code and title: | D100, Understanding society: a foundation course |
|---|---|
| Item code: | D100; 14+PS |
| First transmission date: | 18-04-1971 |
| Published: | 1971 |
| Rights Statement: | |
| Restrictions on use: | |
| Duration: | 00:14:35 |
| + Show more... | |
| Producer: | Peter Ramsden |
| Contributor: | F S Brooman |
| Publisher: | BBC Open University |
| Keyword(s): | Earnings; Economics; Payments |
| Footage description: | F.S. Brooman looks at the economy as a whole in this unit. He lumps all production together as being done by firms. Full employment, maximum productive capacity, unused capacity are explained. Inputs and outputs of firms are taken up. Brooman makes labour the main input and also services of capital. A diagram is built up to include these factors. Factor Services - labour, management, and services of capital lumped together - are added to the diagram. Factor payments - wage payments, dividends, rents, interest, etc. lumped together - are added to the diagram. The consumer part of the economy is taken up. Brooman lumps them all together under Households and adds them to the diagram. Factor earnings - the income of households are added to the diagram, and savings - income not consumed - added to the diagram. Brooman puts the two sides of the economy together in the diagram. He discusses the interrelationships of the two sides and introduces the concept of macro equilibrium. The effects of savings on the economy is taken up when: 1 . The money is merely saved 2. It is invested in capital equipment. Effect of excess demand for consumer goods and capital equipment taken up, together with the effect of investment in expanding the economy which already has all resources in use. Governments collection of taxes and spending and its effect on the economy briefly taken up and added to diagram. Effect of imports and exports on the economy also discussed and added to the diagram. Brooman sums up the unit with the aid of a complete model of the economy which he has built up in the diagram and previews the next unit. |
| Master spool number: | 6HT/70169 |
| Production number: | 00520_1214 |
| Videofinder number: | 3375 |
| Available to public: | no |
