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G12 ABM - 1ST GRADING > NATIONAL INCOME > Flashcards

NATIONAL INCOME Flashcards

1
Q

the value of the goods and
services produced within the country.

A

GDP

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2
Q

In equilibrium, the
amount of output produced equals

A

amount demanded

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3
Q

Measures total income of everyone in the
economy.

A

gdp

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4
Q

Also measures total expenditure on the
economy’s output of goods and services.

A

gdp

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5
Q

Also measures ___ on the
economy’s output of goods and services.

A

total expenditure

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6
Q

Because every _____
is a peso of income for the seller.

A

peso a buyer spends

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7
Q

output is defined in two ways

A

production side and demand side

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8
Q

payments to workers in wages,
capital in interest and dividends

A

production side output

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9
Q

purchases by different sectors of the economy

A

demand side output

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10
Q

production side of output

A

payment to workers in wages capital interest and dividends

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11
Q

demand side of output

A

purchases by diff sector of the economy

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12
Q

A mathematical expression that shows the relationship of
inputs (land, labor, capital) and outputs (goods or services).

Output = f(land, labor, capital)

A

production function

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13
Q

what is the production function

A

Output = f(land, labor, capital)

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14
Q

own the factors of production,
sell/rent them to firms for income
▪ buy and consume goods & services

A

households

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15
Q

buy/hire factors of production,
use them to produce goods
and services
▪ sell goods & services

A

firms

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16
Q

households do savings to financial market
household do taxation in government
household do import spending on foreign sector

A

leakages

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17
Q

financial market invest to firms
government spending on firms
foreign sector export earnings to firms

A

injections

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18
Q

two types of circular flow diagram

A

simple circular flow d and 5 sector circular flow d

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19
Q

…the market value of all final goods &
services produced within a country
in a given period of time.

A

gdp

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20
Q

…the ____ of all final goods &
services produced within a country
in a given period of time.

A

market value

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21
Q

goods are valued at their ___

A

market value so
all goods are measured in the same unit
things that dont have market value are excluded

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22
Q

…the market value of all ___ goods &
services produced within a country
in a given period of time.

A

final

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23
Q

intended for the end user

A

final goods

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24
Q

used as components
or ingredients in the production of other goods

A

intermediate goods

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25
Q

GDP only includes ____ – they already
embody the value of the intermediate goods
used in their production.

A

final goods

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26
Q

…the market value of all final ____ & _____ produced within a country
in a given period of time.

A

final goods and services

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27
Q

gdp includes tangible goods and intangible services

A

true

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28
Q

GDP includes currently produced goods,
not goods produced in the past.

A

true DAPAT CURRENTLY PRODUCED ANG PAST WA NAY APIL

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29
Q

GDP measures the value of production that occurs
within a country’s borders, whether done by its
own citizens or by foreigners located there.

A

true so tanan produced within the country balag dli pa filipino / foreigners ang gabuhat ana

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30
Q

Usually a year or a quarter (3 months)

A

true usually a yr or 3 months daw ang gdp

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31
Q

GDP is total spending.

A

true

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32
Q

four components of gdp

A

consumption
investment
govn purchases
net export

consumption pinaka taas
% sa pie chart

33
Q

what is the fundamental national income identity

A

Y = C + I + G + NX

34
Q

Total spending by households on goods and
services

A

CONSUMPTION

For renters, C includes rent payments.
For homeowners, C includes the imputed
rental value of the house, but not the
purchase price or mortgage payments
Not included in C: purchases of new housing

35
Q

Total spending on goods that will be used in the
future to produce more goods

A

INVESTMENT

Business capital: business structures, equipment, and
intellectual property products
Residential capital: landlord’s apartment building; a
homeowner’s personal residence
Inventory accumulations: goods produced but not yet sold

36
Q

“Investment” does not mean the purchase of financial
assets like stocks and bonds.

A

TRUE

37
Q

All spending on the goods and services
purchased by the government

A

GOVERNMENT PURCHASES

38
Q

transfer payments is not included in government purchases such as Social Security or unemployment
insurance benefits because transfer payment are not purchases of goods and services

A

true

39
Q

represent foreign spending on the
economy’s g&s.

A

export
foreign buys from us, kitay mamaligya (ipagawaas)

40
Q

outflowed money

A

leakages/outflows
while firm earns money kay injections

41
Q

if export is higher

A

trade surplus

42
Q

import higher

A

trade deficit

43
Q

more income than spends

A

budget surplus

expenses > income = budget deficit

44
Q

a statistical framework of the economy’s production, expenditures and income, and records the annual flow of goods and services in the economy during a
given time period.

A

national income account

45
Q

provides information on the performance of the
economy using the following macroeconomic indicators:
Gross National Product (GNP), Gross Domestic Product
(GDP), National Income (NI), Personal Income (PI), and
Personal Disposable Income (DI) to describe the state of
the economy.

A

national income account

46
Q

provides information on the performance of the
economy using the following macroeconomic indicators to describe the state of economy

A

national income account

47
Q

Gross National Product (GNP), Gross Domestic Product
(GDP), National Income (NI), Personal Income (PI), and
Personal Disposable Income (DI)

A

macroeconomic indicators

48
Q

the total market value of all final goods and services
produced within a given period by factors of production
owned by a country’s citizens, regardless of where the
output is produced.

A

gnp = gdp + net primary income

49
Q

measures the difference between the earnings of Phil.
residents in other countries and the earnings of foreigners
in the Philippines.

A

Net Factor Income (Payments from) Abroad/ Net Primary
Income

50
Q

Accounts the value of
all final goods and
services within a
county given a period
of time.

A

gross domestic product

51
Q

Adding factor
payments include
receipts from abroad
made to GDP
GNP = GDP + Net
Factor Payments from
abroad

A

gross national product

52
Q

Total amount of
money earned by a
nation’s people and
businesses; same with GNP
but this involves
accounting indirect
business taxes

A

gross national income

53
Q

3 approaches in computing gnp

A

expenditure approach, income approach, value-added by industry origin

54
Q

refers to expenditure of households on durable and non durable goods and services

A

personal consumption expenditure

durable and non durab;e

55
Q

includes expenditures on construction of residential and non residential buildings, plants, equipment, machineries

A

gross private domestic investment

56
Q

what is left when allowance for depreciation is deducted from gross private domestic investment

A

net private domestic investment

gross private domestic investment - allowance for depreciation

57
Q

purchases of goods for social services such as on education, health, defense, transportation, roads and bridges

A

government expenditures

58
Q

difference between the value of goods and services sold to other country (export) and import, value of goods and services bought from a foreign country (export - import)

A

net export

59
Q

value of goods and services sold to other country

A

export

60
Q

value of goods and services bought from a foreign country

A

import

61
Q

The total income
earned by households and includes
income from abroad. This includes
Rent (for land), Salaries/ Wages (for
labor), Interest (for capital), and
Proprietor’s Income and Corporate
Income (for entrepreneurship).

A

factor income

62
Q

the aggregate or total earnings of the
factors of production as a result of the productive
activities during the given period.

A

national income

63
Q

the market value of new goods
that are produced during the given period after deducting
that part of the current output that are used to replace
the worn-out capital goods.

A

net national product

64
Q

the payment for the use land, buildings,
equipment and other properties.

A

rent income

65
Q

received as compensation by employees/
workers.

A

salaries

66
Q

the earnings from deposits and on bonds and
other securities and credit instruments.

A

interest

67
Q

refers to the earnings from the
business of sole proprietor or entrepreneur.

A

proprietor’s income

68
Q

part of the corporate income/ profit that is
distributed to stockholders, as their share in the profit of
the corporation.

A

dividends

69
Q

part of the
income of the corporation that is retained and not
distributed to the stockholders. It may be used for
expansion and business development.

A

Undistributed Corporate Income/ profit:

70
Q

Gross Income that accrues to the
household coming from factor payments.

A

personal income

71
Q

Non-labor income transferred from
government to household. Example: 4Ps, pension

A

transfer payments

72
Q

This is the total income left
to households after deducting taxes and other personal
charges and adding transfer payments. This is also known
as after-tax-income.

A

Personal Disposable Income:

73
Q

This is
the allowance for the wear and tear of durable assets.
This is added because it is part of income deducted in
calculating profit.

A

Depreciation/ Capital Consumption Allowance:

74
Q

Taxes levied on business. E.g.
license fees, sales tax, custom duties.

A

 Indirect Business Tax:

75
Q

the main indicator of the
average person’s standard of living.

A

real gdp per capita

76
Q

measures how much output on income was
produced or received on the average by an individual in an
economy.

A

GDP per capita

77
Q

GDP is not a perfect measure of well-being.

A

true according to robert kennedy

78
Q

GDP Does Not Value:

 the quality of the environment
 leisure time

 non-market activity, such as the child care
a parent provides his or her child at home
 an equitable distribution of income

A

Then Why Do We Care About GDP?

 Having a large GDP enables a country to afford
better schools, a cleaner environment,
health care, etc.
 Many indicators of the quality of life are
positively correlated with GDP.
 For example: education (education, human
development, employment rate, inflation, and
etc.)

G12 ABM - 1ST GRADING (26 decks)

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