chapter 3 Flashcards
(11 cards)
GDP at mp
it refers to gross market value. of all final goods and services produced within the domestic territory of a country during a period of one year.
GDP at fc
it refers to gross money value of all the final goods and services produced within the domestic territory of a country during a period of one year.
NDP at mp
it refers to net money value. of all final goods and services produced within the domestic territory of a country during a period of one year.
domestic income
NDP at fc
domestic income
it refers to net money value. of all final goods and services produced within the domestic territory of a country during a period of one year.
GNP at mp
it refers to gross market value of all final goods and services produced by normal residents of a country during a period of one year.
GNP at fc
it refers to gross market value of all final goods and services produced by normal residents of a country during a period of one year.
NNP at mp
it refers to gross market value of all final goods and services produced by normal residents of a country during a period of one year.
national income
NNP AT FC
nnp at fc
it refers to gross market value of all final goods and services produced by normal residents of a country during a period of one year.
national income vs domestic income
national income
1. nature of concept- national concept
2. category of producers- all producers who are normal residents
3. NFIA- not included
domestic income
1. nature of concept- territorial concept
2. category of producers- all producers within the domestic territory
3. NFIA- included
