SOCIAL LIT 3RD GRADING Flashcards
Total market value of goods and services produced by the citizens of a country in a given period of time
Gross National Income (GNI)
Measures the total market value of all finished goods and services produced by citizens within then country’s borders
Gross Domestic Product (GDP)
Total value of goods and services generated by OFW in Saudi Arabia.
GNI
The value of motorcycles produced by a Japanese company in the Philippines.
GDP
The national economy consists of what 4 factors?
Household, business, government, external sector
What type of expenditure are food, clothing, entertainment, hairdressing services?
Personal Expenses (C)
What type of expenditure are office supplies, raw materials, for production, labor wages?
Cost of investors (I)
What type of expenditure is carrying out social projects?
Government expenditure (G)
What type of expenditure is subtracting exports from imports?
Expenditure of the eternal sector (XM)
What type of expenditure is any deficiency or excess in the calculation?
Statistical discrepancy (SD)
What type of expenditure is subtracting the cost of citizens abroad from the cost of foreigners within the country?
Net Factor Income From Abroad (NFIFA)
What income approach is wages paid to households from business and government?
Compensation of Employees (CE)
What income approach is profit generated by private corporations and government - owned and operated corporations and other business?
Net Operating Surplus
What income approach is decrease in the value of physical resources as a result of continuous use over time?
Depreciation
Sales tax, custom duties, license
Indirect taxes
