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National Income Accounting (National Income Concepts (Net National Product…
National Income Accounting
Def of National Income
: total money value of all final products goods and services produced in a country during a year
National Income Concepts
Net National Product
National Income
Market Price and Factor Cost
Personal Income
Gross National Product
Disposable Income
Gross Domestic Product
Calculations
income approach
output approach
expenditure approach
Uses of National Income
sectorial contribution
taxable capacities
comparison over countries
comparison over time
national planning
comparison of standard living
Problems in Calculating National Income
practical problem
false info
inaccessibility
multi-occupations
lack of sophisticated machinery
expertise
illiteracy
conceptual problem
stock appreciation
measuring quality
double counting
estimation
arbitrary definition