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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).
Thus the left side gives GDP by the income method, and the right side gives GDP by the expenditure method. The GDP is given on the bottom line of both sides of the report. GDP must have the same value on both sides of the account. This is because income and expenditure are defined in a way that forces them to be equal (see accounting identity ...
There are a number of aggregate measures in the national accounts, notably including gross domestic product or GDP, perhaps the most widely cited measure of aggregate economic activity. Ways of breaking down GDP include as types of income (wages, profits, etc.) or expenditure (consumption, investment/saving, etc
Gross domestic product (GDP) is a monetary measure of the market value [1] of all the final goods and services produced and rendered in a specific time period by a country [2] or countries. [3] [4] [5] GDP is often used to measure the economic health of a country or region. [2]
For oil-export-dependent economies, there could be substantial differences between real GDP and real GDI, due the effect of oil price volatility on the purchasing power in those countries. [1] [2] In the United States National Income and product accounts, the word GDI is use to define GDP calculated with income data rather than expenditure data ...
However, the middle-income economies health spending grew more than 6%, and average annual growth in high-income countries was 3.5%, which is about twice as fast as economic growth. In contrast, health spending by the high-income countries continues to represent to be the largest share of global spending, which is about 81%, despite it covers ...
The concept is often encountered in the context of a government's approach to spending and taxation. A 'procyclical fiscal policy' can be summarised simply as governments choosing to increase government spending and reduce taxes during an economic expansion, but reduce spending and increase taxes during a recession.
Where is aggregate expenditures, is autonomous expenditures , is the marginal propensity to spend (the fraction of additional income spent), and is national income (or economic output). Since b < 1 {\displaystyle b<1} the angle of this line will always be less than 45 degrees.