LC Economics Measurement of National Income
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | The level of output (income) per person in a country.
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| Gross domestic product at current market prices | show 🗑
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| show | Gross national product at current market prices plus EU subsidies minus EU taxes.
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| Gross national product at current market prices | show 🗑
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| show | Incomes received in a non-monetary form.
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| Market-oriented economy | show 🗑
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| show | The total income earned by the residents of a country in one year
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| show | The income earned by Irish individuals and companies abroad less the income earned by foreign individuals and companies in Ireland.
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| show | Gross national income at current market prices minus depreciation.
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| show | Net national income at current market prices less national taxes plus national subsidies.
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| Net value added | show 🗑
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| show | 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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| show | Payments made to individuals
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| show | 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) | show 🗑
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| show | subtract depreciation
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| show | add taxes and subtract subsidies.
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| show | subtract net factor income from the rest of the world.
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| show | add EU subsidies and subtract EU taxes.
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Created by:
MrFromholz
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