Domestic output and national income

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6 Terms

1
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gross domestic product (GDP)

the total value of all final goods and services produced within a country’s borders over a given period of time

2
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economic growth

the annual rate of increase in total real production and income in the economy

3
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what does gross national income (GNI) measure

the country’s income wherever its earned and adjusts GDP for cross-border income flows

4
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how do you move from GDP to GNI

  • subtract income earned in SA by foreign-owned factors

  • add income earned abroad by SA factors


5
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what does GDP not measure

  • unreported activities

  • non-market activites

  • second hand goods

  • economic bads, i.e. pollution


6
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human development index (HDI)

provides a broad, intuitive measure for comparing overall human progress across countries and over time