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Nat income 2

TermDefinition
Gross Domestic product Total incomes arising from production of goods and services in Ireland. (within border, including mncs) Capital stock owned by foreigners=repatriated and inflated GDP.
Gross National Product Value of all goods and services produced by Irish owned factors of production home or abroad. Owners of capital stock are Irish.
Net factor income from ROW The difference earned by foreign factors of production in Ireland and sent abroad and income earned by Irish factors of production and abroad and sent to Ireland. (GDP-GNP)
Gross National Income Income to permanent domestic residents- exclude income to foreign owners of capital. GNP-subsidies from EU and taxes we pay.
GNDI Measures the income available to the nation for final consumption and gross saving.
Limitations of GDP, GNP, GNI etc Inflation factor- Price rise inflates GNP @ market prices Welfare Sacrificed- Has living standards decreased to increase GNP e.g. working conditions. GNP distribution- Where did wealth go (equality) Social costs- factory=bigger GNPbut pollution.
Subsidies Payment to producer to lower cost of production/increase output.
Income in kind Non monetary payment
Transfer payment Redistribution of income within market. E.g. Social welfare. Income received for no service/good produced, its an injection.
National Income The income accuring to the permanent citizens of a country from current economic activity during a specific period, usually one year.
Recession Period of economic downturn lasting at least two quarters
Factor cost Value of goods and services at the cost of production
Market price Value of goods and services that takes inconsideration both indirect taxes and subsidies.
Created by: Peter0
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