Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Economy > Economic Terms > Flashcards

Economic Terms Flashcards

1
Q

Net Production taxes

A

Ex. Land, registration fee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Net Product Taxes

A

Paid per unit Product. Ex. Excise tax

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

GDP at Factor Cost

A
  • Reported by CSO. Revised in 2015. Replaced by GVA at Basic Prices
  • Most highlighted measure of National Income
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

GDP at Market Price

A
  • Now most used. Now called GDP only

- C + I + G + X - M

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Factor Cost

A
  • Only payment to Factors of Production
  • Not include tax
  • Market Price - Indirect Taxes
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

GVA

A
  • GDP - Indirect Taxes

- Help know GDP - Tax link

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

GVA at Factor Cost

A

GVA at Basic price - Net production taxes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

GVA at Basic Price

A
  • GVA at Basic Price = GVA at Factor Cost + Production Taxes (therefore not include Product Taxes)
  • Value of total output produced in economy - Value of intermediate consumption
  • GVA (MP) - Net Product taxes
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Market Price

A

MP = Factor cost + Total indirect taxes - Total subsidies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

GVA at Market Price

A
  • GVA at Basic Price + Net Product Taxes

- is equal to GDP (MP)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Externalities

A

Benefits / harm a firm / individual cause to another for which they are not paid / penalized

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Private income

A

Factor Income from NDP to pvt sector + National Debt interest + Net factor income from abroad + Current transfers from govt + Other net transfers from RoW

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

GDP

A

aggregate production of final GnS taking place in Domestic Economy during a year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

GNP

A

GDP + Factor income earned by Domestic FoP abroad - FI earned by FoP of rest of world in Domestic economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

NNP

A

GNP - Depreciation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

GDP, GNP and NNP include Taxes?

A
  • Yes, they all include Indirect Taxes as they are calculated at MARKET PRICE
  • also include subsidies given by Govt
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

NNP at factor cost

A
  • Aka National Income

- = NNP at Market Price - net indirect taxes (Indirect tax - subsidies)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Undistributed Profits

A

Profits earned by Govt and Firms not distributed among Factors of Production

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Personal Income

A

NI - undistributed profits - net interst payments paid by HH - corporate tax + transfer payments to HH by govt and firms

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Personal disposable income

A

Personal income - Personal tax payments - non tax payments

21
Q

National disposable income

A

NNP at mkt price + other current transfers from rest of world (gifts, aids)

22
Q

National Income

A

NNP at Factor Cost - Indirect Taxes + Subsidies

23
Q

GDP at Market Price

A

C + I + G + X - M

24
Q

GDP at Factor cost

A
  • GDP(atMP) - Net Product Taxes

- GDP(atMP) - Net Indirect Taxes

25
Q

NDP at Market Price

A
  • GDP (MP) - Depreciation

- allow policy makers calculate how much country has to spend to maintain Current GDP

26
Q

NDP at Factor cost

A

NDP (MP) - Net product Taxes - Net Production Taxes

27
Q

GNP at Market Price

A
  • value of all final GnS product by residents of India and measured at MP in a year
  • whether within indian boundary or outside
  • GDP (MP) + NFIA
28
Q

GNP at Factor Cost

A
  • value of output received by FoP belonging to a country in a year
  • GNP (MP) - Net product taxes - Net Production Taxes
29
Q

NNP at Market Price

A
  • How much country can produce in a given time. Output regardless of where production
  • GNP (MP) - Depreciation
  • NDP (MP) + NFIA
30
Q

NNP at Factor Cost

A
  • sum of all income earned by all FoP belonging to a country in a year
  • NNP (MP) - net product taxes - Net production taxes
  • NDP (FC) + NFIA
31
Q

What is National Product

A

NNP at Factor cost - not bound by production in national boundaries

32
Q

Real GDP

A
  • GnS evaluated at constant set of price

- since price fix - if real GDP change = mean volume of Production changing

33
Q

Nominal GDP

A

Value of GDP at current prices

34
Q

GDP Deflation

A

Nominal GDP / Real GDP

35
Q

CPI v/s GDP Deflator

A
  • Not represent all GnS produced in country. GDP deflator does
  • CPI include price of goods imported. GDP deflator does not
  • CPI weights are constant. In GDP deflator they are different, according to Production level
36
Q

Mercantilism

A
  • Increasing exports. Manipulating Prices

- two types - US and China.

37
Q

Potential GDP

A

Max Can produce without inflating economy

38
Q

Output GDP

A

actual production

39
Q

Per Capita Income

A

GDP or GDP / Mid year population of corresponding year

40
Q

Approaches to measure GDP

A
  • Expenditure
  • Output
  • Income
41
Q

Civic Capital

A

Citizenry working together to facilitate rights

42
Q

National Account Statistics

A
  • By CSO in MoSPI
  • Estimates = 1st estimate of growth of current year = Advanced Estimate ⇒ Revised to Quick Estimate ⇒ Provisional Estimate ⇒ Final Estimate
43
Q

Genuine Progress Indicator

A
  • Redefining progress

- Env + social Factors

44
Q

Big Mac Index

A
  • The Economist

- PPP based

45
Q

WB Classification

A
  • PCI - Low - 1005 US dollars
  • Lower Middle - 1005 - 3955 US dollars
  • Upper Middle - 3956 - 12235 US dollars
  • High - 12235 US dollars
46
Q

UN LDC

A
  • PCI > 1035 US Dollars = LDC - eco vulnerable, HR weak
  • Review criteria every 3 years
  • Currently 47 countries
47
Q

Betterlife Index

A

OECD

48
Q

Commission on Measure of Economic and Social Progress

A
  • Joseph Stilgitz + French govt

- if wealth and social progress can be measured - Alternative to GDP

Economy (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions