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A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), Gross national income (GNI), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost).
The Consumer Expenditure Survey was first collected over 130 years ago in 1888. It became a continuous survey in 1980. From the late 1800s until 1980 the survey had been administered at approximately ten-year intervals. [6] More information about the history of the Consumer Expenditure Survey is available on the program's history page.
National income and product accounts publications available on FRASER; The Nigerian Bureau of Economic Analysis,'A Guide to the National Income and Product Accounts of N Very helpful in understanding the accounts; also contains historical information and is an important source of information for this article.
Graphical representation of the consumption function, where a is autonomous consumption (affected by interest rates, consumer expectations, etc.), b is the marginal propensity to consume and Yd is disposable income. In economics, the consumption function describes a relationship between consumption and disposable income.
income accounts, which show primary and secondary income flows—both the income generated in production (e.g. wages and salaries) and distributive income flows (predominantly the redistributive effects of government taxes and social benefit payments). The balancing item of the accounts is disposable income ("National Income" when measured for ...
Consumer behavior over time is irreversible. This means that when income declines, consumer spending is sticky to the former level. After getting used to a level of consumption, a person shows resistance to reducing it and is unwilling to reduce that level of consumption. This phenomenon is called the ratchet effect.
The World Bank uses the so-called "living standard measurement surveys" [1] to measure income. These consist of questionnaires with more than 200 questions. Surveys have been completed in most developing countries. Applied to the analysis of income inequality within countries, "income" often stands for the taxed income per individual or per ...
Consumer spending in the US rose from about 62% of GDP in 1960, where it stayed until about 1981, and has since risen to 71% in 2013. [3] In the United States, the Consumer Spending figure published by the Bureau of Economic Analysis includes three broad categories of personal spending. [4]