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Measuring National Income and Output - Coggle Diagram
Measuring National Income and Output
Uses of national income statistic
Standard of living indicators
can measure by GDP per kapita
2 different perspective
the standard of living over time
the standard of living across countries
Goverment planning and policies
Guide policy markers
Can view the historical trends
Can take necessary measures
Sectoral contribution
primary
Secondary
Tertiary
International comparism
compare the obsolute size
Find the average individuals
Problems of measuring national income
Problem of non-monetized sector
Large quantity of agricultural
Underground economy
GDP can't understimate
Businessman not disclose their income
Non-market transactions
No money changes
No payment record
Problem of expertise and modern machinery
Lack of statisticians, researchers and analysts
Non-availability of modern machinery
Problem of double counting
Some component are bought before reach the market