their money on goods and services supplied by firms. Measures of national income Gross Domestic Product (GDP): A key measure of national income‚ it includes indirect taxes (taxes on expenditure). Also includes the value of exports and imports. Gross Value Added (GVA): This is GDP minus indirect taxes plus subsidies on goods. Indirect taxes minus subsidies are called the basic price adjustment. Gross National Income at market prices (GNP): This is GDP plus income earned abroad on investments
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International J. Soc. Sci. & Education 2012 Vol. 2 Issue 4‚ ISSN: 2223-4934 E and 2227-393X Print An Empirical Analysis of the Contribution of Agriculture and Petroleum Sector to the Growth and Development of the Nigerian Economy from 1960-2010 By 1 1 Aminu Umaru and 2Anono Abdulrahman Zubairu Department of Economics & 2Department of Management Technology School of Management and Information Technology Modibbo Adama University of Technology‚ Yola‚ Adamawa State‚ Nigeria. Abstract This paper investigates
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Learning Team Deliverable Week 4 Learning Team D – Walter Branch‚ Ramon Castillo‚ Barbara Farve‚ Kristofer Genilo ECO/561 – Economics 11/24/2014 Peter Oburu Measuring Domestic Output and National Income – Ch. 24 Topics comfortable Kris is comfortable with the concept of gross domestic product (GDP) as it is the dollar value of goods and services in a country during a set period. Walter is comfortable with the GDP concept and understands that is the economic thermometer of the country’s
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Sparin SPAIN Gonzalo Figueroa Schiller International University Abstract Spain is member state of the European Union. With an area of 505‚992 km2 is the fifth largest country in Europe. It has a population of 46 million and the official language is the Spanish. Talking economically‚ is the fourth largest country in the Eurozone‚ the fifth in the European Union and the fourteenth largest worldwide. GOVERNMENT
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Abroad (NFIA) refers to the net flow of property income to and from the rest of the world (net payments on income) plus the net flow of compensation of employees (net receipts on compensation). The NFIA is added to the Gross Domestic Product (GDP) to come up with the Gross National Product (GNP). In the Philippines‚ NFIA plays a major role in boosting the national economy. From 1987 to 2002‚ NFIA at constant 1985 prices totaled Php406.2 billion or 3.0% of the total GNP for the period covered. On the
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services until the latter part of the nineteenth century. Economists now recognize that tangible products may not exist at all without a series of services being performed in order to produce them and to make them available to consumers. So an agent distributing agricultural produce performs as valuable a task as the farmer. Without the provision of transport and intermediary services‚ agricultural products produced in areas of surplus would be of little value. Services in recent years have had a major
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accounting. National income Concepts In national income accounting‚ economists and planners are usually interested in various national income concepts such as‚ Gross Domestic Product (GDP)‚ Gross National Product (GNP)‚ Net National Product (NNP)‚ and Disposable Income (Yd). These concepts are considered in turn. i. Gross Domestic
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called National product. For the production of innumerable varieties of output‚ four factors of production have their respective contribution for which they are paid in terms of * rent‚ * wage‚ * interest and * Profit. The sums of their enumerations constitute the national income. This total income is spent on buying the output produced (National Product). Thus the total income will be the total expenditure made on the national product. Therefore National Product = National Income
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let us first look at what CPI is and how it is derived. The CPI is meant to be a measure of the cost of living in the United States at any given time. It is used to track inflation. The CPI is derived from the cost of a given “market basket” of products and services that people typically need to buy. In other words‚ a set of goods and services is made up and the prices of those goods and services are determined. This is used as a baseline. As the prices of those goods and services changes‚ so
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that country. A5-3. In Saudi Arabia‚ gross domestic product (GDP) is less than gross national product (GNP). This means that the nation produces domestically more than it is able to consume domestically. A5-4. If aggregate household saving is negative‚ the marginal propensity to save from disposable income must be negative. A5-5. If desired aggregate expenditure is greater than actual national output‚ national output will increase. A5-6. If the domestic price level decreases‚ the price of
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