national income
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| National income definition | the total amount of income earned by everyone in a country as a result of economic activity over a year
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| methods of calculating NI | 1. Income method
2. Output method
3. Expenditure method
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| Net factor income from the rest of the world | This is the difference between money repatriated (in) by Irish firms abroad, and the money repatriated (out) by foreign firms working in Ireland.
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| Transfer payments | money given with no return of goods or services. This is seen with social welfare benefits.
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| The income method | This involves the adding up of all incomes earned by all 4 factors of production
1. Benefits in kind
2. net factor income
3. Pensions
4. Transfer payments
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| The expenditure method | The total value of the purchasing of goods and services made by firms, individuals and the government over a year.
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| GDP @ factor cost | The total value of the output of an economy due to the engaging in economic activity, valued at the payments made to the factors of production.
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| GDP @ Market prices | The total value of the output produced by an economy over a year due to engaging in economic activity, valued at current market prices.
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| GNP | The total value of the
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