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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).
Income elasticities are closely related to the population income distribution and the fraction of the product's sales attributable to buyers from different income brackets. When buyers in a certain income bracket get a pay raise, the income elasticity can be used to predict how much more the market will consume of that product.
Falls (increases) in income do not lead to reductions (increases) in consumption because people reduce (add to) savings to stabilize consumption. Over the long-run, as wealth and income rise, consumption also rises; the marginal propensity to consume out of long-run income is closer to the average propensity to consume.
Real income is the income of individuals or nations after adjusting for inflation.It is calculated by dividing nominal income by the price level. Real variables such as real income and real GDP are variables that are measured in physical units, while nominal variables such as nominal income and nominal GDP are measured in monetary units.
Net national income encompasses the income of households, businesses, and the government. Net national income is defined as gross domestic product plus net receipts of wages , salaries and property income from abroad, minus the depreciation of fixed capital assets (dwellings, buildings, machinery, transport equipment and physical infrastructure ...
The Gross Domestic Income (GDI) is the total factor income paiment done by all resident within a country. It includes the sum of all wages, profits, ...
Read: What You Should Understand About Economic Inequality and Its Impact on You. ... GROSS MONTHLY INCOME $.00. CALCULATE. DEBT-TO-INCOME-RATIO: % See: Free Online Financial Calculators.
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.