national income Word Scramble
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| Question | Answer |
| National income definition | the total amount of income earned by everyone in a country as a result of economic activity over a year |
| methods of calculating NI | 1. Income method 2. Output method 3. Expenditure method |
| 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. |
| Transfer payments | money given with no return of goods or services. This is seen with social welfare benefits. |
| 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 |
| The expenditure method | The total value of the purchasing of goods and services made by firms, individuals and the government over a year. |
| 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. |
| 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. |
| GNP | The total value of the |
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