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A country's national income is simply:
Amount of economic activity happening - production of real goods & wages. There are several ways to measure this (Net output method, Net Product method, Value Addition etc.)
Factors affecting the national income are Labor, Capital, Land and Entrepreneurship. In essence, this means
NI = Wages + Interest + Rent + Profit
Note that NI is basically the GDP of the country subtracted the amount of capital consumed in producing that GDP, added/subtracted by foreign income flow and govt. subsidies.
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What are the factors affecting national income?
position and type of job you have
Differentiate between national income at market price and national income at factor cost?
National income at factor cost is the measure of national income or output based on the cost of factors of production.This allows the effect of any subsidy or indirect tax to be removed from the final measure. National income at market prices is the total income receivable plus taxes on production and imports less subsidies.
What are some factors that determine the level of your income?
education, parent's social class, gender, race, etc
'National Income statistics are a powerful tool of economic understanding and analysis' Explain 'An economy's output is its income' Do you agree Explain?
national income measures the wealthy that exists in an economy.national income statistics wl determine national output under the fomular:output=income=expenditure!however the appropriateness of national income ar a measure of output is compromised by the weaknesses inherent in obtaining national income data!national income disregards underground economy or the black market which as a result economies that constitute a significant amount of such markets would have an understated national income figure thus its true measure of national out put wl nt be realised if these statistics are used!
What factors influence national income?
1. national resources 2. quality & quantity of the factors of production 3.develpoment of science & technology 4.political stability (or0government policies
Factors which determine country's standard of living?
Productivity and income distribution
What are the factors affecting national income?
position and type of job you have
Differentiate between national income at market price and national income at factor cost?
National income at factor cost is the measure of national income or output based on the cost of factors of production.This allows the effect of any subsidy or indirect tax to be removed from the final measure. National income at market prices is the total income receivable plus taxes on production and imports less subsidies.
What are some factors that determine your level of income?
education, parent's social class, gender, race, etc
What are some factors that determine the level of your income?
education, parent's social class, gender, race, etc
'National Income statistics are a powerful tool of economic understanding and analysis' Explain 'An economy's output is its income' Do you agree Explain?
national income measures the wealthy that exists in an economy.national income statistics wl determine national output under the fomular:output=income=expenditure!however the appropriateness of national income ar a measure of output is compromised by the weaknesses inherent in obtaining national income data!national income disregards underground economy or the black market which as a result economies that constitute a significant amount of such markets would have an understated national income figure thus its true measure of national out put wl nt be realised if these statistics are used!
What factors influence national income?
1. national resources 2. quality & quantity of the factors of production 3.develpoment of science & technology 4.political stability (or0government policies
What factors determine a new rv loan interest rate?
There are several factors that have to do with interest rate. One being income another being credit score and history. To determine these I'd suggest speaking with the company.
Formulas to calculate national income used in economics in India?
how to compute national income. Through; expenditure approach, income approach, and input and output approach. Now for the expenditure approach you add G+I+C+(X-M) Income approach; addition of the factors of production
What extent does national income measure social welfare?
National income does provide some measure of social welfare, but it is by no means a perfect measure. National income only captures economic activity, and does not take into account other important factors such as environmental quality, leisure time, or income distribution. In addition, national income does not always reflect changes in welfare that may occur over time, such as increases in life expectancy.
What are the reason for measuring national income?
You can measure national income by looking at various factors. The most important ones include average living standard and the rate of economic growth. National incomes measures the value of good and services a country produces.
What are the Importance of national income with the national income concept?
the national income is that by the means of national income v can know that how much the income of country and v can find the national income dedact the all rents allowences paymants salaries and wages
