{"id":324,"date":"2019-07-27T15:02:02","date_gmt":"2019-07-27T15:02:02","guid":{"rendered":"https:\/\/bcisnotes.com\/secondsemester\/?p=324"},"modified":"2020-03-01T12:57:17","modified_gmt":"2020-03-01T07:12:17","slug":"various-concept-of-national-income","status":"publish","type":"post","link":"https:\/\/bcisnotes.com\/secondsemester\/introductory-macroeconomics\/various-concept-of-national-income\/","title":{"rendered":"Various Concept of National Income || National Income || Bcis Notes"},"content":{"rendered":"<p><strong>Various Concept of National Income<\/strong><\/p>\n<p><strong><em>A. <\/em><span style=\"text-decoration: underline;\"><em>In Terms of Market Price:<\/em><br \/>\n<\/span><\/strong><br \/>\n<strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Gross Domestic Product at Market Prices (GDPmp)<\/strong>: It is the total monetary value of final products produced from all productive sectors within a country for a specified period of time. An aggregate representing the final result of the production activity of resident production units.<br \/>\nIt can be defined in three ways:<\/p>\n<ul>\n<li>The GDP is equal to the sum of the gross added values of the various institutional sectors or of the various branches of activity plus taxes and minus the subsidies on products (which are not attributed to the sectors and branches of activity) ;<\/li>\n<li>The GDP is equal to the sum of the final domestic uses of goods and services (final effective consumption, gross fixed capital formation, variations in stocks) plus exports and minus imports ;<\/li>\n<li>The GDP is equal to the sum of uses in the operating accounts of the institutional sectors: payment of salaries, taxes on production and imports minus subsidies, gross operating margin and mixed-income.<br \/>\n<strong>GDPMP = Total product of primary sector + Total product of secondary sector + Total product of tertiary sector<\/strong>.<br \/>\nOr, <strong>GDPMP = (P1Q1+P2Q2+\u2026\u2026..+PnQn)<\/strong><br \/>\nFurther, on an expenditure basis,<br \/>\n<strong>GDPMP = C+I+G+(X-M)<\/strong><br \/>\nWhere , C= private consumption expenditure I = gross private domestic investment G = government expenditure X-M = net exports<\/li>\n<\/ul>\n<p><strong>Net Domestic Product at Market Price (NDPmp)<\/strong>: Net domestic product at market price is the estimate of the net monetary value of final goods and services produced within a country during a year. It differs from GDPMP.<\/p>\n<p><strong>NDPmp =Private consumption expenditure + Net private domestic investment + Government expenditure + Net exports <\/strong><br \/>\n<strong>Or, NDPmp = GDPMP &#8211; Depreciation<\/strong><\/p>\n<p><strong>Gross National Product at Market Price (GNPmp):<\/strong><br \/>\nGNPmp at market price is defined as \u201cthe market value of all the final goods and services produced in the domestic territory of a country by normal residents during an accounting year including net factor income from abroad.<br \/>\nBeing gross it includes depreciation; being at MP it includes net indirect taxes and being national it includes net factor income from abroad.<br \/>\nGNPmp = C+I+G+(X-M)+(R-P)<br \/>\nOr, GNPmp = GDPmp-NFIA<\/p>\n<p><strong>Net National Product at Market Price (NNPmp): <\/strong><strong>NNPmp<\/strong> is the monetary value of all final goods and services produced from all productive sectors evaluated at market prices for a specified period of time.<\/p>\n<p><strong>NNPmp = GNPmp &#8211; Depreciation <\/strong><br \/>\n<strong>Or, NNPmp =private consumption expenditure + net private domestic investment + government expenditure + net exports + net receipts<\/strong><\/p>\n<p><em><strong>B.<\/strong><\/em><span style=\"text-decoration: underline;\"><strong><em> In Terms of Factors Cost:<\/em><br \/>\n<\/strong><\/span><br \/>\n<strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Gross Domestic Product at factor Cost (GDPfc): <\/strong>Gross Domestic Product at Factor Cost is the estimate of gross domestic product in terms of earning of factors of production. The sum of the gross value added in the various economic activities is known as &#8220;GDP at factor cost&#8221;. GDP at factor cost plus indirect taxes fewer subsidies on products = &#8220;GDP at producer price&#8221;. For measuring the output of domestic products, economic activities (i.e. industries) are classified into various sectors.<br \/>\n<strong>GDPfc = Rent + Compensation of employees + Interest + profits + Mixed-income + Depreciation<\/strong><br \/>\n<strong>GDPfc = GDPmp \u2013 net indirect taxes <\/strong><br \/>\n<strong>Or, GDPfc = GDPmp \u2013 net indirect taxes + subsidies<\/strong><\/p>\n<p><strong>Net Domestic Product at Factor Cost (NDPfc):<\/strong> Net domestic product at factor cost is the estimate of domestic product in terms of earning of factors of production within the territory of a country.<br \/>\n<strong>NDPfc = compensation of employees + rent + profits + interest + mixed-income<\/strong><br \/>\n<strong>Or, NDPfc = GDPfc \u2013 Deprecation<\/strong><br \/>\nNet domestic product at factor cost also known as domestic factor income receipts. It includes,<\/p>\n<ol>\n<li><strong>Compensation of Employees:<\/strong> Compensation of employees is defined as all payments made by producer to their employees in the form of employer&#8217;s contribution to social security, wages, and salaries plus other payment made in cash and kind such as bonus, commission, overtime, housing, educational facilities, etc. in return for labor service.<\/li>\n<li><strong>Operating Surplus:<\/strong> Operating surplus is the Net value added at FC minus Compensation of employees (traditionally called wages). In other words, the operating surplus is the sum of rent, interest, and profit.<\/li>\n<li><strong>Mixed-Income:<\/strong> If the income for the production factors cannot be separated, as is the case for unincorporated units in the household sector, the total income is called mixed-income.<\/li>\n<\/ol>\n<p><strong>Gross National Product at Factor Cost (GNPfc):<\/strong> Gross national product at factor cost is defined as the value of all final goods and services at market price produced within the domestic territory of the country in an accounting year including net factor income from abroad minus net indirect taxes.<br \/>\n<strong>GNPfc = compensation of employees + rent + interest + profits + mixed-income + net factor income from abroad<\/strong><br \/>\n<strong>Or, GNPfc = GNPmp + NFIA Or, GNPfc = GNPmp \u2013 Net indirect taxes<\/strong><\/p>\n<p><strong>Net National Product ( NNPfc) or National Income (NI)<\/strong>: NNPfc is the net output evaluated at factor prices. NNPfc is defined as the measure of the factor earnings of the residents of a country, both from an economic territory and abroad. Therefore, NNPfc is equal to the national income of the country.<br \/>\n<strong>NNPfc =compensation of employees + rent + interest + profits + mixed-income + Net factor income from abroad<\/strong><br \/>\n<strong>Or, NNPfc = NNPmp \u2013 net indirect taxes Or, NNPfc = GNPfc \u2013 Depreciation Or, NNPfc= NDPfc +NFIA<\/strong><\/p>\n<p><strong>Personal Income (PI):<\/strong>\u00a0Personal income is the total income earned by households or individuals of a country from all productive sources plus transfer payments before paying direct taxes in a year. PI = NI (undistributed profits + corporate income taxes + total security contribution \u2013 transfer payments)<\/p>\n<p><strong>Personal Disposable Income (DI):<\/strong> Personal disposal income is the part of personal which the individuals or households of a country can spend the way they like. DI = PI \u2013Direct taxes<\/p>\n<p><strong>Saving:<\/strong> Saving is the excess of disposable income over consumption expenditure. Methods of saving include putting money aside in, for example, a deposit account, a pension account, an investment fund, or as cash. Saving also involves reducing expenditures, such as recurring costs. S=DI &#8211; C<\/p>\n<p>Per Capita Income: It is the average of the people of a country for a specified period of time. Per capita income can be used to determine the average per-person income for an area and to evaluate the standard of living and quality of life of the population. Per capita income for a nation is calculated by dividing the country&#8217;s national income by its population.<br \/>\n<strong>Per Capita Income = ( National Income)\/(Total population)<\/strong><\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Real GDP, Nominal GDP, GDP Deflator and Rate of inflation<\/strong><\/span><br \/>\n<strong>Real GDP<\/strong> is the total monetary value of final products produced from all productive sectors in terms of constant market prices within a country for a specified period of time. Real GDP=P0Q0+P0Q1+P0Q2+\u2026\u2026\u2026PnQn<br \/>\n<strong>Nominal GDP<\/strong> is the total monetary value of final products produced from all productive sectors at current market prices within the country for a specified period of time. Nominal GDP=P1Q1+P2Q2+\u2026\u2026\u2026\u2026+PnQn<\/p>\n<table width=\"624\">\n<tbody>\n<tr>\n<td width=\"312\"><strong>Nominal GDP<\/strong><\/td>\n<td width=\"312\"><strong>Real GDP<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"312\">1.\u00a0\u00a0\u00a0\u00a0\u00a0 It is the sum total of the economic output produced in a year valued at the current market price.<\/p>\n<p>2.\u00a0\u00a0\u00a0\u00a0\u00a0 Current market price.<\/p>\n<p>3.\u00a0\u00a0\u00a0\u00a0\u00a0 Nominal GDP is very easy.<\/p>\n<p>4.\u00a0\u00a0\u00a0\u00a0\u00a0 It is less popular.<\/p>\n<p>5.\u00a0\u00a0\u00a0\u00a0\u00a0 It&#8217;s not a real indicator of economic growth.<\/p>\n<p>6.\u00a0\u00a0\u00a0\u00a0\u00a0 It doesn&#8217;t take inflation into account.<\/td>\n<td width=\"312\">1.\u00a0\u00a0\u00a0\u00a0\u00a0 It is the sum total of the economic output produced in a year valued at the base market price.<\/p>\n<p>2.\u00a0\u00a0\u00a0\u00a0\u00a0 Base year&#8217;s market price.<\/p>\n<p>3.\u00a0\u00a0\u00a0\u00a0\u00a0 Real GDP is a bit complex.<\/p>\n<p>4.\u00a0\u00a0\u00a0\u00a0\u00a0 It is more popular.<\/p>\n<p>5.\u00a0\u00a0\u00a0\u00a0\u00a0 It&#8217;s a real indicator of economic growth.<\/p>\n<p>6.\u00a0\u00a0\u00a0\u00a0\u00a0 It is an inflation-adjusted GDP.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>GDP<\/strong> <strong>Deflator<\/strong> measures the relative changes in the current price level in comparison to the price level for the base year. GDP Deflator =(Nominal GDP)\/(Real GDP) \u00d7100<\/p>\n<p><strong>Rate of Inflation<\/strong> is the rate at which prices increase over time, causing the value of money to fall. Rate of Inflation = (GDP deflator of current year-GDP deflator of the previous year )\/(GDP deflator of the previous year)\u00d7100%<\/p>\n<p>You may also like this:\u00a0<a href=\"https:\/\/bcisnotes.com\/secondsemester\/introductory-macroeconomics\/meaning-and-definitions-of-national-income\/\">Meaning and Definitions of National Income\u00a0<\/a><\/p>\n<p>&nbsp;<\/p>\n<div class=\"ocudr6a0c85ae7d12a\" ><div id=\"amzn-assoc-ad-668fe681-bdc6-49ee-a9f9-a4c2f5be29a0\"><\/div><script async src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US&adInstanceId=668fe681-bdc6-49ee-a9f9-a4c2f5be29a0\"><\/script><\/div><style type=\"text\/css\">\r\n@media screen and (min-width: 1201px) {\r\n.ocudr6a0c85ae7d12a {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (min-width: 993px) and (max-width: 1200px) {\r\n.ocudr6a0c85ae7d12a {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (min-width: 769px) and (max-width: 992px) {\r\n.ocudr6a0c85ae7d12a {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (min-width: 768px) and (max-width: 768px) {\r\n.ocudr6a0c85ae7d12a {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (max-width: 767px) {\r\n.ocudr6a0c85ae7d12a {\r\ndisplay: block;\r\n}\r\n}\r\n<\/style>\r\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>Various Concept of National Income A. In Terms of Market Price: \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Gross Domestic Product at Market Prices (GDPmp): It is <a class=\"mh-excerpt-more\" href=\"https:\/\/bcisnotes.com\/secondsemester\/introductory-macroeconomics\/various-concept-of-national-income\/\" title=\"Various Concept of National Income || National Income || Bcis Notes\">[&#8230;]<\/a><\/p>\n<\/div>","protected":false},"author":5,"featured_media":830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Various Concept of National Income || National income || Bcis Notes<\/title>\n<meta name=\"description\" content=\"Various Concept of National Income National Income concists of Gross Domestic Product at Market Price and Gross Domestic Product at Factor Price.\" \/>\n<meta name=\"robots\" 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