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Home Page Social Science Economics Finance National Income Formula - Flashcards

National Income Formula – Flashcards

Josephine Mack
8 July 2022

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question
(Spending Approach)GPD
answer
C+Ig+G+Xn
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(Income Approach)GDP
answer
W+R+I+P+S
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Net Domestic Product
answer
NDP= GDP- depreciation
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National Income
answer
NI= NDP- IBT-NFFIE
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Personal Income
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PI= NI-Social Security Contribution Tax-Corporate Income tax-Retained Earnings+Transfer Payments
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Disposable Income
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DI= PI- Personal Taxes DI=C+S
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W
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Wages earned for supplying labor (Compensation of Employees)
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R
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Rents earned for supplying land
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I
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Interest(Income) earned by supplying capital
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P
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Profits earned by supplying entrepreneurial skills
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S
answer
Statistical Adjustment Margin of Error
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