Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

National Income

Measuring National Income

TermDefinition
What is National Income? is the income accruing to the permanent residents of a country from current economic activity from supplying the factors of production during a specific period which is usually one year
What are the three methods of calculating national income? The income method, the expenditure method and the production/output method.
What are the precautions when calculating the income method? 1. Transfer payments are excluded as no factor of production has been provided 2. Benefit-in-kind should be included 3. Contributory workers' pensions are included as they are a payment for work done in the past.
What are the precautions when calculating the expenditure method? Second hand goods - The purchase of second hand goods if included in GNP when new is now not included
What are the precautions when calculating the production/output method? 1. Double counting - An economist must only calculate the value added by each firm and not the total output to prevent double counting 2. Only goods/services sold in the marketplace are included
What is Gross Domestic Product at Factor Cost? The total value of input or expenditure within the country as a result of engaging in current economic activity in one year, valued at payments to factors of production.
What is Gross Domestic Product at Market Prices? The total value of input or expenditure within the country as a result of engaging in current economic activity in one year, valued at current market prices
What is Gross National Product at Factor Cost? The total value of output or expenditure valued at payments to factors of production, produced by Irish-owned factors of production
What is Gross National Product at Market Prices? The total value of output or expenditure valued at today’s market prices, produced by Irish-owned factors of production, before any adjustments are made for taxation, subsidies or depreciation
What is the difference between GNP and GDP? Net factor income from abroad
What is Gross National Income? GNI is comprised of domestic and foreign income earned by the resident population of a country
What is Net National Product? NNP is the total joint product of the resources of land, labour, capital and enterprise for a period of time (usually one year). It is the same as national income
What are the uses of National Income Statistics? 1. Indication of alterations to our standard of living 2. Comparison mechanism 3. Formulating economic policy 4. Effective research 5. Evaluating economic policy 6. EU budget contributions/benefits
What are the limitations of National Income Statistics? 1. Population distortions 2. Inflation/deflation is not taken into account 3. Welfare is not taken into account 4. Employment/Unemployment 5. Levels of taxation 6. Hidden social costs 7. Distribution of GNP 8. Government services at cost price
Popular Economics sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards