LC Economics Measurement of National Income
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each of the black spaces below before clicking
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| GDP per capita | The level of output (income) per person in a country.
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| 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
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| Gross national income at current market prices | Gross national product at current market prices plus EU subsidies minus EU taxes.
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| Gross national product at current market prices | Gross domestic product at current market prices plus net factor income from the rest of the world.
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| Incomes in kind | Incomes received in a non-monetary form.
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| Market-oriented economy | An economy where a high proportion of goods and services produced are paid for and recorded.
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| National income | The total income earned by the residents of a country in one year
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| 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.
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| Net national income at current market prices | Gross national income at current market prices minus depreciation.
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| Net national product at factor cost | Net national income at current market prices less national taxes plus national subsidies.
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| Net value added | The difference between the value of a firm's
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| 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'
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| Transfer payments | Payments made to individuals
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| 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.
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| 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
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| To go from 'gross' to 'net' | subtract depreciation
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| To go from 'factor cost' to 'current market price' | add taxes and subtract subsidies.
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| To go from 'domestic' to 'national' | subtract net factor income from the rest of the world.
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| To go from 'product' to 'income' | add EU subsidies and subtract EU taxes.
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