Measurements of Economic Growth (pt 1)
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aka. National Income Statistics
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8 Terms
Define GDP
Gross Domestic Product refers to total monetary value of all final g&s produced within the country’s geographical boundaries.
Define GNI or GNP (same thing)
Total monetary value of all final goods and services produced by the nationals of a country (regardless of location)
R/S between GNI and GDP
GNI = GDP + Net factor income from abroad
What is nominal national income?
National Income measured at current prices
What is real national income?
National income measured at constant/base year prices
Factors affecting nominal national income
General price level (GPL)
Qty of output prod
Factors affecting changes in real national income
No changes; at constant price/dollars as real GDP measures actual level of output, eliminating price changes
How do we convert nominal to real national income?
%Δ real GDP = %Δ nominal GDP - %Δ price level
Note 
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