Principles of Macroeconomics Day 2: NIPA – National Income and Product Accounts Dr. Andrew L. H. Parkes “A Macroeconomic Understanding for use in Business”

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Principles of Macroeconomics Day 2: NIPA – National Income and Product Accounts Dr. Andrew L. H. Parkes “A Macroeconomic Understanding for use in Business” 卜安吉

April 1, 2010Principles of Macroeconomics, Day 32 NIPA Equations NIPA – National Income and Product Accounts NIPA – National Income and Product Accounts GDP = C + I + G + NX GDP = C + I + G + NX GNP = GDP GNP = GDP –Plus: Income receipts from the rest of the world –Less: Income payments to the rest of the world

April 1, 2010Principles of Macroeconomics, Day 33 National Income Wages and Salaries (we include Proprietor’s Income here) Wages and Salaries (we include Proprietor’s Income here) Rental Income Rental Income Interest Interest Profit Profit Business taxes are also a significant part of National Income. Business taxes are also a significant part of National Income.

April 1, 2010Principles of Macroeconomics, Day 34 GNP to National Income Gross National Product - CCA: Capital Consumption Allowance (Depreciation) - Statistical discrepancy = National Income All from the BEA’s Data

April 1, 2010Principles of Macroeconomics, Day 35 Personal Income - Personal taxes (and Social Security Taxes) = Disposable Personal Income (DPI) = Consumption + Savings = Consumption + Savings Note that consumption is called “personal outlays” in the NIPA documents!! Finally, what are the components of Personal Income (first notice that we equate National Income with Personal Income, a small difference):