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LC Economics

National Income

TermDefinition
National Income The income accruing to the permanent residents of a country from current economic activity during a specified period, usually one one.
Gross Domestic Product at Factor Cost
Incomes In Kind Are incomes received in a non monetary form e.g. farmers may consumer his/her own produce.
Benefits in Kind Is any non-money income earned. Your employer may provide you with a car that you can use also in your private life, as distinct from work purposes only.
Transfer Payments Are payments made to individuals for which no factor of production is supplied in return e.g. children's allowances, student grants.
Net Factor Income From Abroad Is the difference between the money earned by Irish factors and sent home and income earned by foreign factors here and repatriated.
Multiplier The multiplier shows the precise relationship between an initial injection into the circular flow of income and the eventual increase in national income resulting from the injection.
Marginal Propensity to Consume (MPC) Is the proportion of each additional unit of income which is spent.
Marginal Propensity to Import (MPM) Is the proportion of each additional unit of income which is spent on imports.
Marginal Propensity to Save (MPS) Is the proportion of each additional unit of income which is saved.
Aggregate Demand Refers to the total demand for all goods and services.
Average Propensity to Consumer (APC) Is the tendency to spend a given percentage of total income on consumer goods.
Circular Flow of Income This is the amount of income in circulation at any one time.
Injection Any extra income put into the circular flow of income.
Leakage Is any income removed from the circular flow of income.
Autonomous Consumption Is the level of consumption which is not dependant on the level of income.
Deflationary Gap Occurs when the level of consumption is less than the level of disposable income.
Inflationary Gap Occurs when the level of consumption is greater than the level of disposable income.
Marginal Propensity to Tax (MPT) Is the proportion of each additional unit of income which is taxed.
The Accelerator Principle States that a small change in consumer spending can cause bigger percentage changes in investment.
Paradox of Thrift Shows how an increase in savings can cause a contradiction in the economy and a possible fall in the level of savings.
Gross National Product at Market Prices Is the value of the total goods and services produced in an economy in a year at current market prices produced by Irish owned factors of production.
Created by: MrDempsey
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