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A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), Gross national income (GNI), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost).
While GDP measures a nation’s production and tracks its economy’s growth or contraction, the International Monetary Fund notes that GDP has a number of shortcomings, including its failure to ...
Gross mixed income (GMI) is the same measure as GOS, but for unincorporated businesses. This often includes most small businesses. The sum of COE, GOS and GMI is called total factor income; it is the income of all of the factors of production in society. It measures the value of GDP at factor (basic) prices.
The gross national income (GNI), previously known as gross national product (GNP), is the total amount of factor incomes earned by the residents of a country. It is equal to gross domestic product (GDP), plus factor incomes received from non-resident by residents, minus factor income paid by residents to non-resident.
This is a list of countries by nominal GDP per capita. GDP per capita is often considered an indicator of a country's standard of living; [1] [2] however, this is inaccurate because GDP per capita is not a measure of personal income. Measures of personal income include average wage, real income, median income, disposable income and GNI per capita.
[128] [129] In particular, Brückner and Lederman test the prediction of the model by in the panel of countries during the period 1970–2010, by considering the impact of the interaction between the level of income inequality and the initial level of GDP per capita. In line with the predictions of the model, they find that at the 25th ...
Real GDP is an example of the distinction between real and nominal values in economics.Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region, usually a country; this depends on the quantities of goods and services produced, and their respective prices.
For oil-export-dependent economies, there could be substantial differences between real GDP and real GDI, due the effect of oil price volatility on the purchasing power in those countries. [1] [2] In the United States National Income and product accounts, the word GDI is use to define GDP calculated with income data rather than expenditure data ...