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National income and output (billions of dollars) Period ending 2003 Gross national product: 11,063.3 Net U.S. income receipts from rest of the world: 55.2 U.S. income receipts: 329.1 U.S. income payments-273.9 Gross domestic product: 11,008.1 Private consumption of fixed capital: 1,135.9 Government consumption of fixed capital
Gross national product (GNP) is the market value of all the goods and services produced in one year by labor and property supplied by the citizens of a country. Unlike gross domestic product (GDP), which defines production based on the geographical location of production, GNP indicates allocated production based on location of ownership.
Seven summary accounts are published, as well as a much larger number of more specific accounts. The first summary account shows the gross domestic product (GDP) and its major components. The table summarizes national income on the left (debit, revenue) side and national product on the right (credit, expense) side of a two-column accounting report.
A common way to observe such behavior is by looking at a time series of an economy's output, more specifically gross national product (GNP). This is just the value of the goods and services produced by a country's businesses and workers. Figure 1 shows the time series of real GNP for the United States from 1954 to 2005.
A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices.
This is because while most uses of the input–output analysis focus on the matrix set of inter-industry exchanges, the actual focus of the analysis from the perspective of most national statistical agencies is the benchmarking of gross domestic product. Input–output tables therefore are an instrumental part of national accounts. As suggested ...
"PPP conversion factor is a spatial price deflator and currency converter that eliminates the effects of the differences in price levels between countries." "Typically, higher income countries have higher price levels, while lower income countries have lower price levels (Balassa–Samuelson effect). Market exchange rate-based cross-country ...
The circular flow of income is a concept for better understanding of the economy as a whole and for example the National Income and Product Accounts (NIPAs). In its most basic form it considers a simple economy consisting solely of businesses and individuals, and can be represented in a so-called "circular flow diagram." In this simple economy ...