- GDP
- Budget
- Trade
- National Income
- Disposable Income (DPI)
- Net Domestic Product (NDP)
- Net National Product (NNP)
- Gross National Product (GNP)
- Nominal GDP
- Real GDP
- GDP Deflator
- Consumer Price Index (CPI)
- Inflation
- Unemployment Rate
Expenditure Approach: calculate goods & services
C+Ig+G+Xn
Ig = Gross Private Domestic Investment (inventory)
G = Government spending
Xn: net exports (exports - imports)
Income Approach: calculate factors of production
R+I+P+SA+W
R = rents (rental income)
I = interest (interest income)
P = proprietor's income (proprietor: someone in business)
SA = Statistical Adjustment, added to match expenditure approach
W = wages (salaries/compensation)
Budget
transfer payments + government purchase of goods &services - government tax & fee collection (through citizens) - total amount government borrows per year
*If the answer is positive, there is a deficit | if negative, there is a surplus
Trade
exports - imports
*If the answer is positive, there is a surplus | if negative, there is a deficit
National Income
- compensation of employment + proprietary income + rental income +interest income + corporate profits
OR
- GDP - indirect business taxes - depreciation* - net foreign factor payments
*depreciation is the same as consumption of fixed capital
Disposable Income (DPI)
national income - personal household taxes + government transfer payments
Net Domestic Product (NDP)
GDP - depreciation
Net National Product (NNP)
GNP - depreciation
Gross National Product (GNP)
GDP + net foreign factor payments
price × quantity
base year price × current year quantity
(Nominal GDP ÷ Real GDP) × 100
(Cost of Market Basket in a Given Year ÷ Cost of Market Basket in a Base Year) × 100
([CPI2 - CPI1] ÷ CPI1) × 100
Nominal GDP
price × quantity
Real GDP
base year price × current year quantity
GDP Deflator
(Nominal GDP ÷ Real GDP) × 100
Consumer Price Index (CPI)
(Cost of Market Basket in a Given Year ÷ Cost of Market Basket in a Base Year) × 100
Inflation
([CPI2 - CPI1] ÷ CPI1) × 100
Unemployment Rate
Unemployed ÷ (Unemployed + Employed) × 100
Hello there, I saw that for Xn (net export) you put down export & import. I just wanted to tell you that to calculate Xn, you would need to subtract import from export (export - import). I also want to add more to your notes to help you differentiate between the different incomes. National Income (NI) is earned by American owned resources, whether it is here or abroad. While Disposable Personal Income (DPI) are after tax income, available for household consumption. And Personal Income (PI) is reserved by households regardless of the source.
ReplyDeleteAlrighty, thank you for telling me! It's been fixed
Delete