Managerial Economics National Income

Assaignment topics: Nature , conceps , measurement of nation income Classical and Keynes approaches nATIONAL INCOM E: ----The t otal sum of goods and services produced by t he people of a count ry wit h t he help of capit als and issue resources c wholly(prenominal)ed Nat ional Income (Prof. Alfred Marshall) We can particularize Nat ional Income as t he collective achievement of a nat ion. In t his way, t he Nat ional Income is t he aggregat e of t he individual incomes. (Prof. Gardner Ackley) Nat ional Income is t he basic concept of economic, which refers t o t he market order of t he goods and services produced during a part icular year. (Prof. Richard Lipsy) CONCEPTS OF NATIONAL INCOme ----1.GROSS home(prenominal) PRODUct Total value of output (goods and services) produced by the factors of production located within the countrys enclosure in a year GDP = gross national product Net income make from abroad 2.GROSS NATIONAL PRODUCT Defined as current value of all goods and services produced by the economy during a given period GNP = value of all (final) goods and services produced in a country in one year + income gain by its citizens abroad - income earned by foreigners in the country 3.

NET NATIONAL PRODUCT Net National reaping (NNP) is arrived at by making some adjustment, with regard to depreciation, in GNP GNP Depreciation = NNP 4.PERSONAL INCOME Current income received by the individuals or households from all sources including transfer income from government and business during the year ? Personal income = net national income + transfer payments undivided corporate profit corporate income value social security contribution 5.DISPOSABLE PERSONAL INCOme Actual income which can be spent on usage by individuals and families ? Disposable income = consumption expenditure + Savings CORPORATE INCOMe Incomes and profits of companies or public corporation DOMESTIC INCOME Income generated by the factors of production within the country... If you want to get a full essay, order it on our website: Orderessay

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