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How is National Income derived? What is the GDP? What information does it give us about a nation? What is per capita income? If you wanted to know about the economy of a country, which would you consider more important, and why? (25 points)
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How is National Income derived? What is the GDP? What information does it give us about a nation? What is per capita income? If you wanted to know about the economy of a country, which would you consider more important, and why? (25 points) National Income is derived through the overall income earned by a country's people, including labor and capital investment. Gross domestic product is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It measures output generated through production by labor and property which is physically located within the confines of a country. The following excerpts are definitions of National Income and GNPas listed on this website http://members.shaw.ca/h-chartrand/Macro%20+%202.0.htm "National income is the sum of all factor earnings from production of current goods and services. Factor earnings are incomes of factors of production:...
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