MGEA06H3 Lecture Notes - Income Approach, Net National Product, Rede Ferroviária Nacional

• School: UTSC
• Department: Economics for Management Studies
• Course: MGEA06H3
• Professor: Iris Au

Document Summary

Cde = c + i + g + nx. (consumption) + (investment) + (government spending) + (export) + (inventories) = . Note: refer to the pays side, include profit because it is the income of the owner of firm. Income = factor income + non factor payment. (wages) + (interest income o f government) + (profit income of owner) + (rent. Income of land owner) + (net indirect taxes) + (capital consumption allowances) = . Value added = revenue costs of intermediate goods. Net national product (nnp) excludes the amount of the economy"s stock of plants, equipments, and residential structures that wears out during the years: Nnp = gross national product depreciation. Nnp = gross national product cca. Gross domestic product (gdp) measures the sum of all final goods and services produced within a country.