21 & 22 Flashcards
National Income Statistics
Measurement of a country´s economic activity in terms of output, income & expenditure
GDP
Total market value of all goods & services produced over a period of time
GNI
Total GDP + net income from abroad (Interest, payments & dividends)
GNP
GDP produced by citizens of the country
Net National Income (NNI)
GNI - depreciation of fixed capital
Market Prices
Price paid by consumers (after tax / subsidies)
Basic Prices
Price charged by producers (before tax / subsidies)
Recession
negative economic growth for 2 consecutive quaters
Economic Growth Rate
The rate of change of real GDP
Inflation / Deflation
Increase / Decrease in the average prices
What does trade balance reference
imports & exports
Trade balance surplus
Exports > Imports
Trade balance deficit
Imports > Exports
Green GDP
Environmentally aware measure of GDP
Hidden, Black, informal economy
economic activity which goes unreported to government
Purchasing power parties
the exchange rate from one currency to another
transfer payments
income for which there is no corresponding / resultant output
