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Gross domestic product (GDP) is defined as "the value of all final goods and services produced in a country in 1 year". [3] Gross national product (GNP) is defined as "the market value of all goods and services produced in one year by labour and property supplied by the residents of a country." [4]
This is to be contrasted with the "bottom line" which denotes net income (gross revenues minus total expenses). [3] In general usage, revenue is the total amount of income by the sale of goods or services related to the company's operations. Sales revenue is income received from selling goods or services over a period of time.
The amount of income recognized is generally the value received or the value which the taxpayer has a right to receive. Certain types of income are specifically excluded from gross income for tax purposes. The time at which gross income becomes taxable is determined under Federal tax rules, which differ in some cases from financial accounting ...
Cost of goods sold – Carrying value of goods sold during a particular period; Dividend – Payment made by a corporation to its shareholders, usually as a distribution of profits; Economic value added – Value of a firm's profit after deduction of capital costs; Gross income – Sum of all earnings before taxes
In economics, profit is the difference between revenue that an economic entity has received from its outputs and total costs of its inputs, also known as surplus value. [1] It is equal to total revenue minus total cost, including both explicit and implicit costs.
Proprietors' income is the payments to those who own non-corporate businesses, including sole proprietors and partners. inventory value adjustment (IVA) and capital consumption adjustment (CCA) are corrections for changes in the value of the proprietor's inventory (goods that may be sold within one year) and capital (goods like machines and ...
Aggregate income [1] [2] [3] is the ... It is usually defined as the total market value of goods and services produced within a given period after deducting the cost ...
The income growth caused by increased production volume is determined by moving along the production function graph. The income growth corresponding to a shift of the production function is generated by the increase in productivity. The change of real income so signifies a move from the point 1 to the point 2 on the production function (above).