National Income Accounting

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Presentation transcript:

National Income Accounting Chapter 13 Section 1 National Income Accounting

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National Income Accounting Measuring the overall economy’s output (production) and its income.

Gross Domestic Product (GDP) – Total dollar value of all final goods and services produced in the nation during a single year. Measuring Value – GDP always in terms of dollar value (not # produced)

GDP Measures only FINAL goods and services – To avoid double counting. Only count NEW goods - not resale goods

C + I + G + X = GDP Computing GDP Consumer Sector (C) – Goods and services purchased by consumers Investment Sector (I) – Business purchases (Example – printing press) Government Sector (G) – Goods and services purchased by government Net Exports (X) – Nations exports (minus) imports C + I + G + X = GDP

Recession – 2 Consecutive quarters (6 months) of declining Real GDP

GDP Per Capita – GDP For a given year divided by the population of a given country.

Measurements of Income National Income (NI) – Total income earned by everyone in the economy. Personal Income (PI) – Total Income individuals receive before personal taxes are paid Disposable Personal Income (DPI) – Income remaining after taxes are paid