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9 Cards in this Set
- Front
- Back
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GDP (Formula Approach/Expenditure Approach)
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C + Ig + G + Xn
Personal Consumption Expenditures + Business Gross Investment (Net private domestic investment + Consumption of fixed capital/depreciation) + Government purchases + Net Export |
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GDP (Income Approach)(Growth Domestic Product)
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Rent + Compensation of Employees (Wages) + Interest + Proprietors' Income (Profit) + Dividends + Corporate Income Tax + Undistributed corporate profits (retained earnings) + Indirect business taxes + Consumption of fixed capital + Net foreign factor income
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NDP (Net Domestic Product)
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GDP - Depreciation
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NI (National Income)
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NDP - Net foreign factor income - indirect business taxes
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PI (Personal Income)
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NI - social security contributions - Corporate income tax - undistributed corporate profits + transfer payments
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DI (Disposable Income)
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PI - personal taxes
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***Other things need to be known
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Expenditures (spending)= income= output (production)
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***
Business Growth Investment |
Net private domestic investment + depreciation
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Xn
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Exports - Imports
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