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  2. Macroeconomics - Wikipedia

    en.wikipedia.org/wiki/Macroeconomics

    Macroeconomics is a branch of ... The model operates with a production function where national output is the product of ... The Cowles Commission Approach by Ray C ...

  3. Production function - Wikipedia

    en.wikipedia.org/wiki/Production_function

    Graph of total, average, and marginal product In economics , a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative ...

  4. Measures of national income and output - Wikipedia

    en.wikipedia.org/wiki/Measures_of_national...

    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).

  5. National Income and Product Accounts - Wikipedia

    en.wikipedia.org/wiki/National_Income_and...

    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.

  6. Gross domestic product - Wikipedia

    en.wikipedia.org/wiki/Gross_Domestic_Product

    The most direct of the three is the production approach, which sums the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the principle that all of the products must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying things.

  7. Macroeconomic model - Wikipedia

    en.wikipedia.org/wiki/Macroeconomic_model

    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.

  8. Production (economics) - Wikipedia

    en.wikipedia.org/wiki/Production_(economics)

    The change of real income is the sum of these profit impacts and the change of owner income. This approach is called the dual approach because the framework is seen in terms of prices instead of quantities (ONS 3, 23). The dual approach has been recognized in growth accounting for long but its interpretation has remained unclear.

  9. Marginal product of labor - Wikipedia

    en.wikipedia.org/wiki/Marginal_product_of_labor

    The average product of labor (APL) is the total product of labor divided by the number of units of labor employed, or Q/L. [2] The average product of labor is a common measure of labor productivity. [4] [5] The AP L curve is shaped like an inverted “u”. At low production levels the AP L tends to increase as additional labor is added.