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LC Econ NatIncome

LC Economics Measurement of National Income

TermDefinition
GDP per capita The level of output (income) per person in a country.
Gross domestic product at current market prices The total output of goods and services produced in the economy by Irish and foreign individuals and companies
Gross national income at current market prices Gross national product at current market prices plus EU subsidies minus EU taxes.
Gross national product at current market prices Gross domestic product at current market prices plus net factor income from the rest of the world.
Incomes in kind Incomes received in a non-monetary form.
Market-oriented economy An economy where a high proportion of goods and services produced are paid for and recorded.
National income The total income earned by the residents of a country in one year
Net factor income from the rest of the world The income earned by Irish individuals and companies abroad less the income earned by foreign individuals and companies in Ireland.
Net national income at current market prices Gross national income at current market prices minus depreciation.
Net national product at factor cost Net national income at current market prices less national taxes plus national subsidies.
Net value added The difference between the value of a firm's
Non-market economic activities The goods and services produced in a country that are not recorded in the national accounts (also known as the 'black economy'
Transfer payments Payments made to individuals
National Income has many uses: indication of our standard of living / means of comparing the standard of living in different countries / assists the government in formulating economic policy / evaluate economic policy / EU Budget contribution or benefits: Be able to explain each.
National Income has many drawbacks (know 5) ○ Population changes○Inflation/Deflation○ Employment/unemployment○Levels of social welfare ○Hidden Social costs○Distribution of National Income○Exclusion of Activities from ○Nature of goods produced○Government Services at cost price
To go from 'gross' to 'net' subtract depreciation
To go from 'factor cost' to 'current market price' add taxes and subtract subsidies.
To go from 'domestic' to 'national' subtract net factor income from the rest of the world.
To go from 'product' to 'income' add EU subsidies and subtract EU taxes.
Created by: MrFromholz
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