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Chapter 9 : Measuring national income - Coggle Diagram
Chapter 9 : Measuring national income
Def
Aggregate income
earned by nation
True production of goods and service for a certain period usually in year
IMPORTANT CONCEPT
GDP : Goods and services produced within a country
Method Approach*
Product approach
Income approach
Expenditure approach
uses
4.sectoral contribution
5.economic policy
3.national planning
2.economic perfomance
6.national expenditure
standard living comperison
7.distribuition of income
difficulties in calculating income*
problem of double counting
usualy in product method implies
multi occupation
problem of expertised
lack of profesional in data statisticsaion and progammer
illiteracy
inproductive in accountancy record
informal records-infornation cannot be reached
non monetized sector
especialy its rely in develop country
because its rely agriculture