National Income
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| Define National Income? | show 🗑
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| show | Is the total output produced by the factors of production in the domestic economy irrespective of whether the factors are owned by Irish nationals or foreigners.
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| show | Ids the total output produced(value of goods & services) by Irish owned factors of production in Ireland and elsewhere.
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| show | Payments to a producer to help reduce the cost of production(price of the good)/increase output.
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| show | Income/rewards received in a non-monetary form or payment made in the form of goods or services.
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| Define Net factor income from the rest of the world? | show 🗑
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| State the reasons why GDP in Ireland is larger than GNP? | show 🗑
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| State the formula for calculating the Gross National Product @ factor cost? | show 🗑
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| show | Gross National Product @ factor cost- depreciation
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| State the main uses of National Income statistics? | show 🗑
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| State the main limitations of using National Income statistics? | show 🗑
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| State the relationship between Gross Domestic Product(GDP) @ current market prices and Net National Product(NNP) @ factor cost? | show 🗑
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| show | Government spending, investment expenditure, exports.
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| State the leakages into the Circular Flow of Income? | show 🗑
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| show | All the money spent by the government, both current & capital. It will increase the circular flow of income.
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| show | Money invested by individuals, financial institutions and business/spending on capital goods. It will increase the circular flow of income.
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| show | Money spent by foreign individuals on goods/services produced within Ireland. It will increase the circular flow of income.
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| Define the leakage 'Taxation'? | show 🗑
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| Define the leakage 'Savings'? | show 🗑
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| Define the leakage 'Imports'? | show 🗑
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| State the factors that influence the size of 'Consumption'? | show 🗑
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| show | Rate of interest/MEC, expectations of business people.
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| State the factor that influence the size of 'Government Expenditure'? | show 🗑
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| State the factor that influence the size of 'Exports'? | show 🗑
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| State the factor that influence the size of 'Imports'? | show 🗑
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| show | Households, Firms, Government, Financial Institutions, Foreign Markets
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| show | This is proportion of each additional unit of income which is spent.
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| Define Marginal Propensity to Import(MPM)? | show 🗑
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| Define Marginal Propensity to Save(MPS)? | show 🗑
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Created by:
deborahh
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