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Topic: Measures of national income


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In the News (Thu 20 Jun 19)

  
 Measures of national income and output - Wikipedia, the free encyclopedia
Measures of national income and output are used in economics to estimate the value of goods and services produced in an economy.
In relation to greening the national accounts the United States Congressional Budget Office concludes "a gradual process of modifying measures of national economic performance is consistent with the history and development of the national accounts."[1]
Income is counted as part of GNP according to who owns the factors of production rather than where the production takes place.
en.wikipedia.org /wiki/Measures_of_national_income   (1358 words)

  
 The National Income and Product Accounts
National income measures the money flow along the bottom part of the diagram; i.e., the money value of all factor services used in the production process.
National wealth, on the other hand, measures the value of all goods, services and assets available in an economy at a point in time and perhaps is a better measure of national economic well-being than GDP.
National income represents the total amount of money that factors of production earn during the course of a year.
www.internationalecon.com /v1.0/Finance/ch5/5c010.html   (1285 words)

  
 Explain the difference between the three main methods of calculating national income - by income, by expenditure and by
National income method includes the income from employment and from self-employment; gross trading profits of companies, public corporations and general govn enterprises; rent and the imputed charge for the consumption of non-trading capital(benefits from living own houses) and stock appreciation(gain in value).
National income is the value of all goods produced in the economy that are final goods (i.e.
Value added measures the flow that leaves productive sector, national income measures the amount received by households and final demand(or expenditure) is the amount reaching the productive sector again.
www.siilats.com /docs/MACRO/NATINC.htm   (1414 words)

  
 Online Learning Center
National income accounting consists of concepts which enable those who use them to measure the economy& output to compare it with past outputs to explain its size and the reasons for changes in its size and to formulate policies designed to increase it.
Net foreign factor income is added because it reflects income from all domestic output regardless of the foreign or domestic ownership of domestic resources.
Measurement of GDP can be accomplished by either the expenditures or the income method but the same result is obtained by the two methods.
www.mhhe.com /economics/mcconnell/student/olc/outline07.htm   (1246 words)

  
 Introduction to Macroeconomics - 4. Measuring Output of the Macroeconomy
One measure is National Income (NI), which is the sum of incomes that originate in the production of goods and services from labor and property supplied by U.S. residents.
The original set of income accounts was presented to Congress in 1937 and in a research report, National Income, 1929-35.
The distinction between total income and disposable income is important, though, as we consider the effects of changes in personal taxes on consumption demand and the economy.
mason.gmu.edu /~tlidderd/104/ch4Lect.html   (5729 words)

  
 Measuring the Economy
National income accounting measures the economy& performance by measuring the flows of income and expenditures over a period of time.
GDP measures the output of the geographical U.S. regardless of the nationality of the contributors.
National income accounts serve a similar purpose for the economy, as do income statements for business firms.
www.harpercollege.edu /mhealy/eco212/review/gdptextoutline.htm   (2049 words)

  
 United Nations Statistics Division - Common Database
National disposable income is the sum of disposable income of all resident institutional units/sectors.
Gross national disposable income is equal to GNI at market prices less current transfers (other than taxes, less subsidies, on production and imports) payable to non-resident units, plus the corresponding transfers receivable by resident units from the rest of the world.
Gross national disposable income measures the income available to the nation for final consumption and gross saving.
unstats.un.org /unsd/cdb/cdb_dict_xrxx.asp?def_code=290   (145 words)

  
 Boyes/Melvin Chapter Overview and Strategies
National income accounting measures the output of an entire economy as well as flows between sectors.
Gross national product: The GNP is the GDP plus receipts of factor income from the rest of the world minus payments of factor income to the rest of the world.
National income: NI equals NNP minus indirect business taxes.
college.hmco.com /economics/boyes_melvin/shared/faculty/chov06.html   (558 words)

  
 Nat' Academies Press, Assigning Economic Value to Natural Resources (1994)
Damages caused by pollution affect estimates of national income only to the extent that they influence productivity and even those effects are not separately identified in the accounts.
The income side of the accounts measures the income earned by factors (inputs) contributing to the production of these outputs.
Thus, aggregate measures from the accounts may fail to alert decisionmakers of problems with the management of these national assets.
www.nap.edu /books/0309051436/html/47.html   (4059 words)

  
 Greening the National Accounts
It is said that the national accounts should identify the value added by environmental services that are implicitly included in current measures of income and should pinpoint some of the costs of reducing damages caused by pollution.
National income accounting is one of the most important policymaking tools to appear in the last 50 years.
Nevertheless, a gradual process of modifying measures of national economic performance is consistent with the history and development of the national accounts.
www.cbo.gov /showdoc.cfm?index=4886&sequence=0   (1931 words)

  
 Active Skim View of: Appendix A Sustainability and Economic Accounting
Measures of national income and output would be closer to the ideal measure of sustainable income if omitted consumption and net investment were included to obtain augmented income and output measures.
One important conclusion is that to the extent that the national accounts omit important components of consumption and of net capital accumulation, they may provide misleading measures of sustainable income.
It should be emphasized that the sustainability-based approach—while deemed particularly useful and appropriate in the context of designing comprehensive national income accounts—is but one of many approaches to analyzing the sustainability of an economy or of the interactions between the economy and the environment.
www.nap.edu /nap-cgi/skimit.cgi?isbn=0309071518&chap=181-195   (774 words)

  
 National Income
measures of GDP are not identical with measures of national income
national income accounting -- the study of the methods of measuring the aggregate output and aggregate income of an economy
Outline the income approach for calculating output (national income).
people.cedarville.edu /employee/wheelerb/macro/ni/ni.htm   (901 words)

  
 Survey of Current Business: Improved estimates of the National Income and P... @ HighBeam Research
They also reflect revisions to personal dividend income, personal interest income, transfer payments to persons, and personal contributions for social insurance, all of which are components of personal income but not of national income.
The remainder of the discussion of the revisions to the NIPA estimates provides additional detail on GDP, national income, other NIPA aggregates, and their major components; the discussion focuses on 1982-94, the period in which the statistical changes are concentrated.
The revisions are primarily accounted for by the previously described revisions to the components of national income that are included in personal income-wages and salary disbursements, other labor income, proprietors' income, and rental income of persons.
highbeam.com /library/doc0.asp?docid=1G1:18069062&refid=ink_tptd_mag   (13517 words)

  
 Measures of national income and output - Wikipedia, the free encyclopedia
Measures of national income and output are used in economics to estimate the value of goods and services produced in an economy.
In relation to greening the national accounts the United States Congressional Budget Office concludes "a gradual process of modifying measures of national economic performance is consistent with the history and development of the national accounts."[1]
Countries with a skewed income distribution may have a relatively high per-capita GNP while the majority of its citizens have a relatively low level of income, due to concentration of wealth in the hands of a small fraction of the population.
en.wikipedia.org /wiki/Measures_of_national_income_and_output   (1462 words)

  
 Aggregate Expenditure and the Spending Multiplier
Any time new spending is introduced into the economy (or if spending is removed), it will cause GDP (and other measures of national income) to change by some multiple of that spending shock.
What is important is that certain expenditure decisions are proportional to the level of income such that as aggregate income increases, expenditure increases by some fraction of this income change.
An initial change in autonomous spending (for example, a shock in the form of an increase in government spending) of $20 (billion) is received as income by some person or business in the aggregate economy.
www.digitaleconomist.com /ae_4020.html   (526 words)

  
 GDP Deflator Calculator
Both the gross national product and national income measures are used to determine the rate of overall economic growth.
Measures of economic growth are measured by calculating the percentage change in real GDP (or in terms of output growth since the price term is held constant).
The difference between gross domestic product and national income ($1,892.00) is due to depreciation expense, indirect business taxes (sales and excise taxes), and business transfers to individuals (through donations to the United Way and the like).
www.digitaleconomist.com /nia_4020.html   (1017 words)

  
 default.aspx?modulo=wikipedia&arg=income
National income, measured by statistics such as the Net National Income (NNI), measures the total income of all individuals in the economy.
To calculate a company's income, it starts with its amount of revenue, deducts all costs, including such things as employees' salaries and depreciation, and the number that results is its income, which may be a negative number.
Income, generally defined, is the money that is received as a result of the normal business activities of an individual or a business.
www.kisanji.org /default.aspx?modulo=wikipedia&arg=income   (701 words)

  
 Gross national product : GNP
For more detail see measures of national income.
Gross national product measures the value of goods and services produced by factors of production owned by an country.
All is still licensed under the GNU FDL.
www.wordlookup.net /gn/gnp.html   (151 words)

  
 Textbook p. 146 question 8a
The ensuing questions ask you to determine the major national income measures by both the expenditure and income methods.
7-8 (Key Question) Below is a list of domestic output and national income figures for a given year.
also calculate National Income (NI) by the income method.
www.harpercollege.edu /mhealy/eco212i/assign/calcgdp.htm   (138 words)

  
 EconPapers: The Health of Nations: The Contribution of Improved Health to Living Standards
It is not widely recognized, however, that conventional measures of national income and output exclude the value of improvements in the health status of the population.
The study first discusses the theory of the measurement of national income, examines some of the shortcomings of traditional concepts, and proposes a new concept called 'health income' that can be used to incorporate improvements in health status.
Abstract: Nations generally measure their economic performance using the yardstick of national output and income.
econpapers.repec.org /paper/cwlcwldpp/1355.htm   (329 words)

  
 national income accounting
We have gone from GDP to National Income, but the economists who put together the GDP figures know how to break it down into a whole lot of other categories.
Because it is difficult or impossible to separate the part of this income that is truly a wage to the owner from that which is actually a profit, the folks at the Commerce Department who collect the numbers keep it in the separate account of proprietors' income.
Though not a true income because it is not a payment for services, it is part of the value of final output.
ingrimayne.saintjoe.edu /econ/Connections/Sources.html   (1135 words)

  
 Gross National Income - Wikipedia, the free encyclopedia
Previously known as Gross National Product, Gross National Income comprises the total value of goods and services produced within a country (i.e.
For example, if a British-owned company operating in another country sends some of their incomes (profits) back to UK, UK’s GNI is enhanced.
Similarly, a British production unit of a US company sending profit to the US will affect the British GNI but will not reduce it since it is not included in the first place.
en.wikipedia.org /wiki/Gross_National_Income   (153 words)

  
 Tutor2u - measuring national income
National Income is a term used to measure the monetary value of the flow of output of goods and services produced within the economy over a period of time.
Income that is not registered with the Inland Revenue (note here the effects of the Black or shadow economy where goods and services are exchanged but the value of these transactions is hidden from the authorities and therefore does not show up in the official statistics!)
Only factor incomes generated through the production of output are included in the calculation of GDP by the income approach.
www.tutor2u.net /economics/content/topics/macroeconomy/national_income.htm   (672 words)

  
 GLOBAL/WORLD INCOME PER CAPITA GNI, GNP, GDP, 2005, Wealth, Rich Country Ranking, Rank, Developing Countries : Finfacts Ireland
GNI (or gross national product in the terminology of the 1968 United Nations System of National Accounts) measures the total domestic and foreign value added claimed by residents.
Turning to income poverty, the WDI presents data made public last year showing the worldwide drop in the number and proportion of people living in extreme poverty, that is, on less than $1 a day.
Luxembourg* had the highest per capita Gross National Income (GNI) in the world in 2004, followed closely by Norway, Switzerland, the United States and Denmark, according to World Bank Development Indicators from July 2005.
www.finfacts.com /biz10/globalworldincomepercapita.htm   (1844 words)

  
 National Income
measures of GDP are not identical with measures of national income
national income accounting -- the study of the methods of measuring the aggregate output and aggregate income of an economy
Outline the income approach for calculating output (national income).
people.cedarville.edu /employee/wheelerb/macro/ni/ni.htm   (901 words)

  
 Encyclopedia
It is one of the measures of national income and output.
A measure of the economy to GDP is the Aggregate expenditure measure, which is identical to GDP except that it excludes items produced but not purchased (net inventory/stock level growth).
In economics, the gross domestic product (GDP) is a measure of the amount of the economic production of a particular territory in financial capital terms during a specific time period.
www.stylokna.pl /wikipedia/Gross_domestic_product   (2005 words)

  
 SSRN-The Health of Nations: The Contribution of Improved Health to Living Standards by William Nordhaus
It is not widely recognized, however, that conventional measures of national income and output exclude the value of improvements in the health status of the population.
Nations generally measure their economic performance using the yardstick of national output and income.
The study first discusses the theory of the measurement of national income, examines some of the shortcomings of traditional concepts, and proposes a new concept called 'health income' that can be used to incorporate improvements in health status.
papers.ssrn.com /sol3/papers.cfm?abstract_id=302579   (453 words)

  
 Active Skim View of: Appendix A Sustainability and Economic Accounting
Measures of national income and output would be closer to the ideal measure of sustainable income if omitted consumption and net investment were included to obtain augmented income and output measures.
One important conclusion is that to the extent that the national accounts omit important components of consumption and of net capital accumulation, they may provide misleading measures of sustainable income.
It should be emphasized that the sustainability-based approach—while deemed particularly useful and appropriate in the context of designing comprehensive national income accounts—is but one of many approaches to analyzing the sustainability of an economy or of the interactions between the economy and the environment.
www.nap.edu /nap-cgi/skimit.cgi?isbn=0309071518&chap=181-195   (774 words)

  
 Introduction to Macroeconomics - 4. Measuring Output of the Macroeconomy
The original set of income accounts was presented to Congress in 1937 and in a research report, National Income, 1929-35.
The distinction between total income and disposable income is important, though, as we consider the effects of changes in personal taxes on consumption demand and the economy.
The purpose of this chapter is not to document all the details of the NIPA (this is available from the Bureau of Economic Analysis, www.bea.doc.gov), but to present the basic methodology of measuring total output, income, and inflation and emphasize those components and terms that will be important to us in future chapters.
mason.gmu.edu /~tlidderd/104/ch4Lect.html   (5729 words)

  
 Gross Domestic Product, by Lincoln Anderson: The Concise Encyclopedia of Economics: Library of Economics and Liberty
The difference, called net factor income received from abroad, is trivial for the United States, amounting to only $13 billion (0.2 percent of GDP) in 1991.
GDP measures the output of all labor and capital within the U.S. geographical boundary regardless of the residence of that labor or owner of capital.
GNP measures the output supplied by residents of the United States regardless of where they live and work or where they own capital.
www.econlib.org /library/Enc/GrossDomesticProduct.html   (1945 words)

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