Measurement of National Income

0.0(0)
studied byStudied by 0 people
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/5

flashcard set

Earn XP

Description and Tags

These flashcards cover the various methods of measuring national income along with key terms related to each method.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

6 Terms

1
New cards

Value Added Method

A method for calculating national income based on the value added at each stage of production.

2
New cards

Income Method

Also known as the Factor Income Method; it calculates national income by summing all incomes earned by factors of production.

3
New cards

Expenditure Method

A method of calculating national income by adding total expenditure on the nation's final goods and services.

4
New cards

Gross Value Added at Market Price (GVAMP)

The total value of output at market price minus the value of intermediate consumption.

5
New cards

Intermediate Consumption

The value of goods and services consumed in the production process.

6
New cards

GDPMP

Gross Domestic Product at Market Price.