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national income

QuestionAnswer
National income definition the total amount of income earned by everyone in a country as a result of economic activity over a year
methods of calculating NI 1. Income method 2. Output method 3. Expenditure method
Net factor income from the rest of the world This is the difference between money repatriated (in) by Irish firms abroad, and the money repatriated (out) by foreign firms working in Ireland.
Transfer payments money given with no return of goods or services. This is seen with social welfare benefits.
The income method This involves the adding up of all incomes earned by all 4 factors of production 1. Benefits in kind 2. net factor income 3. Pensions 4. Transfer payments
The expenditure method The total value of the purchasing of goods and services made by firms, individuals and the government over a year.
GDP @ factor cost The total value of the output of an economy due to the engaging in economic activity, valued at the payments made to the factors of production.
GDP @ Market prices The total value of the output produced by an economy over a year due to engaging in economic activity, valued at current market prices.
GNP The total value of the
Created by: 1801068583361003
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