Search results
Results from the WOW.Com Content Network
Aggregate income [1] [2] [3] is the total of all incomes in an economy without adjustments for inflation, taxation, or types of double counting. [4] Aggregate income is a form of GDP that is equal to Consumption expenditure plus net profits. 'Aggregate income' in economics is a broad conceptual term.
GDP is the mean (average) wealth rather than median (middle-point) wealth. Countries with a skewed income distribution may have a relatively high per-capita GDP while the majority of its citizens have a relatively low level of income, due to concentration of wealth in the hands of a small fraction of the population. See Gini coefficient.
GDP measures flows rather than stocks (example: the public deficit is a flow, measured per unit of time, while the government debt is a stock, an accumulation). GDP can be expressed equivalently in terms of production or the types of newly produced goods purchased, as per the National Accounting relationship between aggregate spending and income:
Real GDP can be used to calculate the GDP growth rate, which indicates how much a country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change. The economic growth can be expressed as real GDP growth rate or real GDP per capita growth rate.
This article lists countries alphabetically, with total government expenditure as percentage of Gross domestic product (GDP) for the listed countries. Also stated is the government revenue and net lending/borrowing of the government as percentage of GDP. All Data is based on the World Economic Outlook Databook of the International Monetary Fund.
The gross national income (GNI), previously known as gross national product (GNP), is the total amount of factor incomes earned by the residents of a country. It is equal to gross domestic product (GDP), plus factor incomes received from non-resident by residents, minus factor income paid by residents to non-resident.
The 45-degree line represents an aggregate supply curve which embodies the idea that, as long as the economy is operating at less than full employment, anything demanded will be supplied. Aggregate expenditure and aggregate income are measured by dividing the money value of all goods produced in the economy in a given year by a price index.
The existence of idle capacity and involuntary unemployment of labor in the economy can be represented as an output gap—a difference between actual GDP and potential GDP—and a policy of fiscal stimulus may aim at introducing sufficient additional spending, amplified by the multiplier, to speed the closing of the output gap.