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A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), Gross national income (GNI), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost).
- Gross National Product
- Gross Domestic Product
- Gross National Income
- GDP vs. GNP
- Relationship to Welfare
- Conclusion
- Referencesisbn Links Support Nwe Through Referral Fees
Gross National Product (GNP) is the total value of final goods and services produced in a year by domestically owned factors of production.Final goods are goods that are ultimately consumed rather than used in the production of another good. Example:A car sold to a consumer is a final good; the components such as tires sold to the car manufacturer ...
Gross Domestic Product (GDP) is the total value of final goods and services produced within a country's borders in a year. GDP counts income according to where it is earned rather than who owns the factors of production. Example:In the above case of a German-owned car factory operating in the U.S., all of the income from the car factory would be co...
Gross national income(GNI) is GDP less net taxes on production and imports, less compensation of employees and property income payable to the rest of the world plus the corresponding items receivable from the rest of the world. It includes wages, rents, interest, and profits, not only in the form of cash payments, but as income from contributions m...
To convert from GDP to GNP you must add factor input payments to foreigners that correspond to goods and services produced in the domestic country using the factor inputs supplied by foreigners. To convert from GNP to GDP one must subtract factor income receipts from foreigners that correspond to goods and services produced abroad using factor inpu...
These measures of national economic activity have often been used as indicators of the welfare or quality of life of citizens in different countries.
Various national accounting formulas for GDP, GNP, and GNI may now be summarized here: 1. GDP = C + I + G + (X - M) 2. GNP = C + I + G + (X - M) + NR 3. GNI = C + I + G + (X - M) + NR - CC – IBT. where C = Personal consumption expenditures; 1. I = Gross private domestic investment; 2. G = Government consumption expenditures; 3. X = Net exports of g...
Cobb, Clifford, Ted Halstead, and Jonathan Rowe. 1995. If the GDP is up, why is America down? The Atlantic Monthly. 276(4): 59-78. Retrieved December 10, 2008.Herrick, Bruce, and Charles P. Kindleberger. 1983. Economic Development. McGraw-Hill Book Co. ISBN 0070345848.Karasek, Mirek. 2005. Institutional and Political Challenges and Opportunities for Integration in Central Asia. CAG Portal Forum 2005. Retrieved December 10, 2008.Karasek, Mirek, Waddah K. Alem, and Wasfy B. Iskander. 1988. Socio-Economic Modelling & Forecasting in Lesser Developed Countries. London: The Book Guild Ltd. ISBN 0863322204.There 5 measures of national income are gross national product (GNP), net national product (NNP), national income (NI), personal Income (IP), and disposable personal income (DPI). What is the primary measure of a nation's income and output?
Mar 29, 2024 · Learn about National Income (NI) and the methods of its computing. Understand its various measures including GDP, GNP, Gross National Happiness, and Green GDP.
Measures of national income and output are used to gauge the economic performance of a country. They provide a comprehensive assessment of the total value of goods and services produced within a nation over a specific period.
Jul 17, 2023 · The output approach focuses on finding the total output of a nation by directly finding the total value of all goods and services a nation produces. The income approach equates the total output of a nation to the total factor income received by residents or citizens of the nation.
Jul 17, 2023 · The value that the measures of national income and output assign to a good or service is its market value – the price when bought or sold. The actual usefulness of a product (its use-value) is not measured – assuming the use-value to be any different from its market value.
