Learning objectives of national income accounts

Published April 8, 2011 by A M A L I A

1. LEARNING OBJECTIVES OF NATIONAL INCOME ACCOUNTS

* To determine the level of prosperity of a State
* To obtain an accurate estimated value of goods and services produced within one year of community
* To help create a plan for the future implementation of development programs
* Knowing about the structure of the economy of a State
* Able to compare the state of the economy from time to time inter-regional or inter-provincial
* Able to compare the state of inter-state economy
* Can help formulate government policy.

1. What is meant by:

* GDP / GDP (Gross Domestic Product / Gross Domestic Product)

Gross Domestic Product is the amount of product in the form of goods and services produced by the production units within the boundary of a State for one year. In the calculations, including also the results of production and services produced by a company / foreigners who operate in the territory in question

* GNP / GNP (Gross National Product / Gross National Product)

GNP is the value of goods and services produced by people of a State within a certain period, usually one year, including goods and services produced by the State community residing abroad.

* National income: the sum of all income received by people in a country for a year.

How to Determine the national income

* Production Method

National income is the sum of the total value of goods and services produced by all economic sectors of society within a certain period

Y = [(Q1 X P1) + (P2 X Q2) + (Pn X Qn) … …]

* Revenue Method

National income is the sum of the total revenue (rent, wage, interest, profit) received by the owners of production factors adalam a country during one period.

Y = r + w + i + p

* Expenditure Method

National income is the sum of all expenditures made by the entire household economy (RTK, RTP, RTG, RT Foreign Affairs) in a State for one year.

Y = C + I + G + (X – M)

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