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Measuring Output
and Income
Measuring Output Using GDP
Other Measures of Output
Comparing Real and Nominal GDP
Cost of Living
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Measuring Output and Income > Measuring Output Using GDP
Measuring Output Using GDP
• Defining GDP
• Learning from GDP
• The Circular Flow and GDP
• GDP Equation in Depth (C+I+G+X)
• Calculating GDP
• Other Approaches to Calculating GDP
• Evaluating GDP as a Measure of the Economy
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Measuring Output and Income > Measuring Output Using GDP
Defining GDP
• GDP can be measured using the expenditure approach: Y = C + I + G + (X - M).
• GDP can be determined by summing up national income and adjusting for
depreciation, taxes, and subsidies.
• GDP can be determined in two ways, both of which, in principle, give the same
result.
Simple view of expenditures
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Measuring Output and Income > Measuring Output Using GDP
Learning from GDP
• The output approach focuses on finding the total output of a nation by directly
finding the total value of all goods and services a nation produces.
• The income approach equates the total output of a nation to the total factor
income received by residents or citizens of the nation.
• The expenditure approach is basically an output accounting method. It focuses on
finding the total output of a nation by finding the total amount of money spent.
U.S. GDP Components
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Measuring Output and Income > Measuring Output Using GDP
The Circular Flow and GDP
• In the circular flow model, the household sector, provides various factors of
production such as labor and capital, to producers who in turn produce goods and
services.
• Firms provide consumers with goods and services in exchange for consumer
expenditure and "factors of production" from households.
• Investment is equal to savings and is the income not spent but available to both
consumers and firms for the purchase of capital investments, such as buildings,
factories and homes.
• A portion of income is also allocated to taxes (income is taxed and the remaining
is either consumed and or saved); government spending, G, is based on the tax
Circular flow
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revenue, T.
• The continuous flow of production, income and expenditure is known as circular
flow of income; it is circular because it has neither any beginning nor an end.
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Measuring Output and Income > Measuring Output Using GDP
GDP Equation in Depth (C+I+G+X)
• C (consumption) is normally the largest GDP component in the economy,
consisting of private (household final consumption expenditure) in the economy.
• I (investment) includes, for instance, business investment in equipment, but does
not include exchanges of existing assets.
• G (government spending) is the sum of government expenditures on final goods
and services. It includes salaries of public servants, purchase of weapons for the
military, and any investment expenditure by a government.
• X (exports) represents gross exports. GDP captures the amount a country
produces, including goods and services produced for other nations' consumption,
Expenditure accounts
therefore exports are added.
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• M (imports) represents gross imports.
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Measuring Output and Income > Measuring Output Using GDP
Calculating GDP
• The expenditures approach says GDP= consumption + investment + government
expenditure + exports - imports.
• The income approach sums the factor incomes to the factors of production.
• The output approach is also called the "net product" or "value added" approach.
Global GDP
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Measuring Output and Income > Measuring Output Using GDP
Other Approaches to Calculating GDP
• 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.
• Adding taxes less subsidies on production and imports converts GDP at factor
cost (as noted, a net domestic product) to GDP.
• By definition, the income approach to calculating GDP should be equatable to the
expenditure approach; however, measurement errors will make the two figures
slightly off when reported by national statistical agencies.
GDP over time
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Measuring Output and Income > Measuring Output Using GDP
Evaluating GDP as a Measure of the Economy
• The sensitivities related to social welfare has continued the argument specific to
the use of GDP as a economic growth or progress metric.
• A country with wide disparities in income could appear to be economically
stronger, strictly using GDP, than a country where the income disparities were
significantly lower (standard of living).
• Therefore, GDP has a tremendous big-picture value but policymakers would be
better served using other metrics in combination with the aggregate measure if
and when social welfare is being addressed.
GDP across the globe
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Measuring Output and Income > Other Measures of Output
Other Measures of Output
• National Income
• Personal Income
• Disposable Income
• GDP per capita
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Measuring Output and Income > Other Measures of Output
National Income
• Arriving at a figure for the total production of goods and services in a large region
like a country entails a large amount of data-collection and calculation.
• In order to count a good or service, it is necessary to assign value to it.
• Three strategies have been used to obtain the market values of all the goods and
services produced: the product (or output) method, the expenditure method, and
the income method.
Expenditure approach
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Measuring Output and Income > Other Measures of Output
Personal Income
• In the United States the most widely cited personal income statistics are the
Bureau of Economic Analysis's (BEA) personal income and the Census Bureau's
per capita money income.
• BEA's personal income measures the income received by persons from
participation in production, from government and business transfers, and from
holding interest-bearing securities and corporate stocks.
• The Census Bureau also produces alternative estimates of income and poverty
based on broadened definitions of income that include many of these income
components that are not included in money income.
Historical personal income by educational
attainment
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Measuring Output and Income > Other Measures of Output
Disposable Income
• Disposable income is total personal income minus personal current taxes.
• Discretionary income is disposable income minus all payments that are necessary
to meet current bills.
• Disposable income is often incorrectly used to denote discretionary income.
Disposable income
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Measuring Output and Income > Other Measures of Output
GDP per capita
• GDP per capita is often used as average income, a measure of the wealth of the
population of a nation, particularly when making comparisons among nations.
• Per capita income is often used to measure a country's standard of living.
• It is usually expressed in terms of a commonly used international currency such
as the Euro or United States dollar, and can be easily calculated from readilyavailable GDP and population estimates.
Comparisons of GDP per capita
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Measuring Output and Income > Comparing Real and Nominal GDP
Comparing Real and Nominal GDP
• Calculating Real GDP
• The GDP Deflator
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Measuring Output and Income > Comparing Real and Nominal GDP
Calculating Real GDP
• The following equation is used to calculate the GDP: GDP = C + I + G + (X - M) or
GDP = private consumption + gross investment + government investment +
government spending + (exports - imports).
• Nominal value changes due to shifts in quantity and price.
• In economics, real value is not influenced by changes in price, it is only impacted
by changes in quantity. Real values measure the purchasing power net of any
price changes over time.
• Real GDP accounts for inflation and deflation. It transforms the money-value
measure, nominal GDP, into an index for quantity of total output.
Nominal GDP
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Measuring Output and Income > Comparing Real and Nominal GDP
The GDP Deflator
• The GDP deflator is a measure of price inflation. It is calculated by dividing
Nominal GDP by Real GDP and then multiplying by 100. (Based on the formula).
• Nominal GDP is the market value of goods and services produced in an economy,
unadjusted for inflation. Real GDP is nominal GDP, adjusted for inflation to reflect
changes in real output.
• Trends in the GDP deflator are similar to changes in the Consumer Price Index,
which is a different way of measuring inflation.
GDP Deflator Equation
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Measuring Output and Income > Cost of Living
Cost of Living
• Introduction to Inflation
• Defining and Calculating CPI
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Measuring Output and Income > Cost of Living
Introduction to Inflation
• Inflation is an increase in price levels, which decreases the real value, or
purchasing power, of money.
• Demand-pull inflation is an increase in price levels due to an increase in
aggregate demand when the employment level is full or close to full.
• Cost-push inflation is an increase in price levels due to a decrease in aggregate
supply. Generally, this occurs due to supply shocks, or an increase in the price of
production inputs.
Demand-Pull Inflation
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Measuring Output and Income > Cost of Living
Defining and Calculating CPI
• The CPI is calculated by collecting the prices of a sample of representative items
over a specific period of time.
• The CPI can be used to index the real value of wages, salaries, pensions, and
price regulation. It is one of the most closely watched national economic statistics.
Consumer Price Index
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Measuring Output and Income > Cost of Living
• The equation to calculate a price index using a single item is: [Equation 1] .
Equation 1
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Measuring Output and Income > Cost of Living
• The equation for calculating the CPI for multiple items is: [Equation 2] .
Equation 2
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Appendix
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Measuring Output and Income
Key terms
• circular flow A model of market economy that shows the flow of dollars between households and firms.
• consumer price index A statistical estimate of the level of prices of goods and services bought for consumption purposes by
households.
• consumption In the expenditure approach, the amount of goods and services purchased for consumption by individuals.
• cost-push inflation A rise in the price level for goods and services in an economy due to increases in the costs of production.
• demand-pull inflation A rise in the price level for goods and services in an economy due to greater demand than the economy's
ability to produce those goods and services.
• depreciation The measurement of the decline in value of assets. Not to be confused with impairment, which is the
measurement of the unplanned, extraordinary decline in value of assets.
• Discretionary Income Disposable income (after-tax income) minus all payments that are necessary to meet current bills.
• disposable income Income left after taxes.
• expenditure approach The total spending on all final goods and services (Consumption goods and services (C) + Gross
Investments (I) + Government Purchases (G) + (Exports (X) - Imports (M)) GDP = C + I + G + (X-M).
• expenditure approach The total spending on all final goods and services (Consumption goods and services (C) + Gross
Investments (I) + Government Purchases (G) + (Exports (X) - Imports (M)) GDP = C + I + G + (X-M).
• export Any good or commodity, transported from one country to another country in a legitimate fashion, typically for use in
trade.
• Factors of production In economics, factors of production are inputs. They may also refer specifically to the primary factors,
which are stocks including land, labor, and capital goods applied to production.
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Measuring Output and Income
• GDP Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a
country in a given period of time.
• GDP deflator A measure of the level of prices of all new, domestically produced, final goods and services in an economy. It is
calculated by computing the ratio of nominal GDP to the real measure of GDP.
• government spending Includes all government consumption, investment but excludes transfer payments made by a state.
• gross domestic product A measure of the economic production of a particular territory in financial capital terms over a specific
time period.
• gross domestic product Known also as GDP, this is a measure of the economic production of a particular territory in financial
capital terms over a specific time period.
• gross national product The total market value of all the goods and services produced by a nation (citizens of a country, whether
living at home or abroad) during a specified period.
• import To bring (something) in from a foreign country, especially for sale or trade.
• income approach GDP based on the income approach is calculated by adding up the factor incomes to the factors of
production in the society.
• income approach GDP based on the income approach is calculated by adding up the factor incomes to the factors of
production in the society.
• inflation An increase in the general level of prices or in the cost of living.
• investment A placement of capital in expectation of deriving income or profit from its use.
• market basket A list of items used specifically to track the progress of inflation in an economy or specific market.
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Measuring Output and Income
• national income The total amount of goods and services produced within some "boundary. " The boundary is usually defined by
geography or citizenship, and may also restrict the goods and services that are counted.
• nominal Without adjustment to remove the effects of inflation (in contrast to real).
• nominal gdp A macroeconomic measure of the value of the economy's output that is not adjusted for inflation.
• output approach GDP is calculated using the output approach by summing the value of sales of goods and adjusting
(subtracting) for the purchase of intermediate goods to produce the goods sold.
• per capita per person
• personal income An individual's total earnings from wages, investment enterprises, and other ventures.
• qualitative Based on descriptions or distinctions rather than on some quantity.
• quantitative Of a measurement based on some number rather than on some quality.
• real GDP A macroeconomic measure of the value of the economy's output adjusted for price changes (inflation or deflation).
• welfare Health, safety, happiness and prosperity; well-being in any respect.
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Measuring Output and Income
Circular flow
The circular flow is a simplified view of the economy that provides an ability to assess GDP at a specific point in time.
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Measuring Output and Income
Simple view of expenditures
In an economy, households receive wages that they then use to purchase final goods and services. Since wages eventually are used in consumption
(C), the expenditure approach to calculating GDP focuses on the end consumption expenditure to avoid double counting. The income approach,
alternatively, would focus on the income made by households as one of its components to derive GDP.
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Measuring Output and Income
Expenditure approach
The expenditure approach is a common method for evaluating the value of an economy at a given point in time.
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Measuring Output and Income
U.S. GDP Components
The components of GDP include consumption, investment, government spending, and net exports (exports minus imports).
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Measuring Output and Income
Cost-Push Inflation
As the costs of production inputs rises, aggregate supply can decrease, which increases price levels.
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Measuring Output and Income
Disposable income
Disposable income can be spent on essential or nonessential items. Alternatively, it can also be saved. It is whatever income is left after taxes.
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Measuring Output and Income
Comparisons of GDP per capita
GDP per capita varies across countries and is highest among developed countries. However, GDP per capita is not an indicator of income distribution in
a given country. For this reason GDP per capita may not necessarily be a barometer for the quality of life in a given country.
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Measuring Output and Income
Consumer Price Index
The graph shows the consumer price index in the United States from 1913 - 2004. The x-axis indicates year, the left y-axis indicates the Consumer Price
Index, and the right y-axis indicates annual percentage change in Consumer Price Index, which can be used to measure inflation.
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Measuring Output and Income
Historical personal income by educational attainment
Personal income data can provide governments with useful information in the formulation of public policy to combat income inequality.
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Measuring Output and Income
GDP Deflator Equation
The GDP deflator measures price inflation in an economy. It is calculated by dividing nominal GDP by real GDP and multiplying by 100.
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Measuring Output and Income
GDP across the globe
GDP can be adjusted to compare the purchasing power across countries but cannot be adjusted to provide a view of the economic disparities within a
country.
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Measuring Output and Income
Nominal GDP
This image shows the nominal GDP for a given year in the United States.
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Measuring Output and Income
Real GDP Growth
This graph shows the real GDP growth over a specific period of time.
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Measuring Output and Income
GDP over time
GDP is measured over consecutive periods to enable policymakers and economic agents to evaluate the state of the economy to set expectations and
make decisions.
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Measuring Output and Income
Global GDP
GDP is a common measure for both inter-country comparisons and intra-country comparisons. The metric is one method of understanding economic
growth within a country's borders.
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Measuring Output and Income
Demand-Pull Inflation
Demand-pull inflation is caused by an increase in aggregate demand. As demand increases, so does the price level.
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Measuring Output and Income
Expenditure accounts
Components of the expenditure approach to calculating GDP as presented in the National Income Accounts (U.S. Bureau of Economic Analysis).
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Measuring Output and Income
GDP measures the value of __________.
A) final good and services and income
B) income adjusted for depreciation
C) final goods and services
D) everything in the economy
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Measuring Output and Income
GDP measures the value of __________.
A) final good and services and income
B) income adjusted for depreciation
C) final goods and services
D) everything in the economy
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Measuring Output and Income
GDP can be evaluated by multiple formulaic mechanisms.
A) GDP and GNP can be used to evaluate national income and output.
B) The output, income, and expenditure approach are three formulaic
measures of GDP.
C) The output approach focuses on finding the total output of a nation by
indirectly finding the total value of all goods and services a nation
produces.
D) The income and expenditure approach equates the total output of a
nation to the total income received by residents or citizens of the nation.
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Measuring Output and Income
GDP can be evaluated by multiple formulaic mechanisms.
A) GDP and GNP can be used to evaluate national income and output.
B) The output, income, and expenditure approach are three formulaic
measures of GDP.
C) The output approach focuses on finding the total output of a nation by
indirectly finding the total value of all goods and services a nation
produces.
D) The income and expenditure approach equates the total output of a
nation to the total income received by residents or citizens of the nation.
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Measuring Output and Income
What describes the relationship between economic agents?
A) Macroeconomics.
B) Trade-off between labor and leisure.
C) Money-flow
D) Circular flow describes how goods and service exchange hands and
how economic agents are interconnected.
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Measuring Output and Income
What describes the relationship between economic agents?
A) Macroeconomics.
B) Trade-off between labor and leisure.
C) Money-flow
D) Circular flow describes how goods and service exchange hands and
how economic agents are interconnected.
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Measuring Output and Income
Which of the following is a list of the components of GDP?
A) Government expenditure, investment, savings, and imports
B) Consumption, government expenditure, investment and net exports
C) Government expenditure, consumption, and private sector spending
D) Investment, private sector spending, consumption and net exports
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Measuring Output and Income
Which of the following is a list of the components of GDP?
A) Government expenditure, investment, savings, and imports
B) Consumption, government expenditure, investment and net exports
C) Government expenditure, consumption, and private sector spending
D) Investment, private sector spending, consumption and net exports
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Measuring Output and Income
Calculating GDP requires which of the following?
A) Estimating the gross value of domestic output.
B) Determining the intermediate consumption, i.e., the cost of material,
supplies and services used to produce final goods or services.
C) All of them.
D) Deducting intermediate consumption from gross value to obtain the
net value of domestic output.
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Measuring Output and Income
Calculating GDP requires which of the following?
A) Estimating the gross value of domestic output.
B) Determining the intermediate consumption, i.e., the cost of material,
supplies and services used to produce final goods or services.
C) All of them.
D) Deducting intermediate consumption from gross value to obtain the
net value of domestic output.
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Measuring Output and Income
Which of the following is a description of calculating GDP using
the income approach?
A) GDP = C + I + G + (X - M)
B) GDP = compensation of employees + gross operating surplus + gross
mixed income + taxes less subsidies on production and imports.
C) GDP = National income + taxes - subsidies.
D) GDP = C + I + G + depreciation
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Measuring Output and Income
Which of the following is a description of calculating GDP using
the income approach?
A) GDP = C + I + G + (X - M)
B) GDP = compensation of employees + gross operating surplus + gross
mixed income + taxes less subsidies on production and imports.
C) GDP = National income + taxes - subsidies.
D) GDP = C + I + G + depreciation
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Measuring Output and Income
GDP is a useful metric in evaluating __________.
A) Social welfare.
B) Policymaker decisions.
C) Wealth mobility and differentiation between countries.
D) A country's growth and comparative growth trajectories across
countries.
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Measuring Output and Income
GDP is a useful metric in evaluating __________.
A) Social welfare.
B) Policymaker decisions.
C) Wealth mobility and differentiation between countries.
D) A country's growth and comparative growth trajectories across
countries.
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Measuring Output and Income
National income provides an indication of _______________
A) all of the above
B) sum of goods and services
C) economic activity
D) the change in market value
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Measuring Output and Income
National income provides an indication of _______________
A) all of the above
B) sum of goods and services
C) economic activity
D) the change in market value
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Measuring Output and Income
Personal income is
A) measured by the BEA
B) measured by the Census
C) provides data relevant to policy makers
D) all the above
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Measuring Output and Income
Personal income is
A) measured by the BEA
B) measured by the Census
C) provides data relevant to policy makers
D) all the above
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Measuring Output and Income
Disposable income can be defined as:
A) Income left after paying taxes and monthly expenses.
B) Income earned before expenditures.
C) Income left after deducting taxes and government fees.
D) None of the given statements.
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Measuring Output and Income
Disposable income can be defined as:
A) Income left after paying taxes and monthly expenses.
B) Income earned before expenditures.
C) Income left after deducting taxes and government fees.
D) None of the given statements.
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Measuring Output and Income
GDP per capita is most useful for
A) disaggregating national income.
B) comparing the average wealth of one country to another.
C) capturing country-specific income distribution.
D) comparing living standards between countries.
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Measuring Output and Income
GDP per capita is most useful for
A) disaggregating national income.
B) comparing the average wealth of one country to another.
C) capturing country-specific income distribution.
D) comparing living standards between countries.
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Measuring Output and Income
Suppose GDP was 10 trillion in 2000 (in 2000 dollars) and 15
trillion in 2010 (in 2010 dollars). If the country experienced 20%
inflation over those ten years, what was the 2000 GDP expressed
in 2010 dollars?
A) $12 trillion
B) $8 trillion
C) $15 trillion
D) $18 trillion
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Measuring Output and Income
Suppose GDP was 10 trillion in 2000 (in 2000 dollars) and 15
trillion in 2010 (in 2010 dollars). If the country experienced 20%
inflation over those ten years, what was the 2000 GDP expressed
in 2010 dollars?
A) $12 trillion
B) $8 trillion
C) $15 trillion
D) $18 trillion
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Measuring Output and Income
Suppose inflation averages 2% over the course of five years. How
will real GDP compare to nominal GDP?
A) Real GDP will be higher than nominal GDP
B) Real GDP will be the same as nominal GDP
C) Real GDP will be lower than nominal GDP
D) It is impossible to compare real and nominal GDP
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Measuring Output and Income
Suppose inflation averages 2% over the course of five years. How
will real GDP compare to nominal GDP?
A) Real GDP will be higher than nominal GDP
B) Real GDP will be the same as nominal GDP
C) Real GDP will be lower than nominal GDP
D) It is impossible to compare real and nominal GDP
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Measuring Output and Income
Which of the following best describes a cost-push inflation
scenario?
A) The price of toaster pastries has been steadily rising for the past
decade
B) Due to a new, trendy diet, people are eating more toaster pastries than
ever
C) All of these answers
D) Global wheat supplies are destroyed, and wheat is a necessary input
for toaster pastries
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Measuring Output and Income
Which of the following best describes a cost-push inflation
scenario?
A) The price of toaster pastries has been steadily rising for the past
decade
B) Due to a new, trendy diet, people are eating more toaster pastries than
ever
C) All of these answers
D) Global wheat supplies are destroyed, and wheat is a necessary input
for toaster pastries
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Measuring Output and Income
The biases in the CPI can overstate inflation, because they do
which of the following?
A) Tend to omit quality improvements, consumer response to changes in
price, and new goods and services
B) Incorporate consumer responses to changing relative prices.
C) Tend to include new goods and services.
D) Do not contain the price of foreign goods.
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Measuring Output and Income
The biases in the CPI can overstate inflation, because they do
which of the following?
A) Tend to omit quality improvements, consumer response to changes in
price, and new goods and services
B) Incorporate consumer responses to changing relative prices.
C) Tend to include new goods and services.
D) Do not contain the price of foreign goods.
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Measuring Output and Income
Attribution
• Wikipedia. "Gross domestic product." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Gross_domestic_product#Income_approach
• Wikipedia. "Gross domestic product." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Gross_domestic_product
• Wiktionary. "GDP." CC BY-SA 3.0 http://en.wiktionary.org/wiki/GDP
• Wikipedia. "Measures of national income and output." CC BY-SA 3.0
http://en.wikipedia.org/wiki/Measures_of_national_income_and_output
• Wikipedia. "gross national product." CC BY-SA 3.0 http://en.wikipedia.org/wiki/gross%20national%20product
• Wiktionary. "gross domestic product." CC BY-SA 3.0 http://en.wiktionary.org/wiki/gross+domestic+product
• Wikipedia. "Circular flow of income." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Circular_flow_of_income
• Wikipedia. "Factors of production." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Factors%20of%20production
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//economics/definition/circular-flow
• Wikipedia. "Gross domestic product." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Gross_domestic_product
• Wikipedia. "government spending." CC BY-SA 3.0 http://en.wikipedia.org/wiki/government%20spending
• Wiktionary. "import." CC BY-SA 3.0 http://en.wiktionary.org/wiki/import
• Wiktionary. "export." CC BY-SA 3.0 http://en.wiktionary.org/wiki/export
• Wiktionary. "investment." CC BY-SA 3.0 http://en.wiktionary.org/wiki/investment
• Wiktionary. "consumption." CC BY-SA 3.0 http://en.wiktionary.org/wiki/consumption
• Wikipedia. "Measuring GDP." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Measuring_GDP
• Wikipedia. "Gross domestic product." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Gross_domestic_product
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Measuring Output and Income
• Wikipedia. "output approach." CC BY-SA 3.0 http://en.wikipedia.org/wiki/output%20approach
• Wikipedia. "income approach." CC BY-SA 3.0 http://en.wikipedia.org/wiki/income%20approach
• Wikipedia. "expenditure approach." CC BY-SA 3.0 http://en.wikipedia.org/wiki/expenditure%20approach
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• Wikipedia. "income approach." CC BY-SA 3.0 http://en.wikipedia.org/wiki/income%20approach
• Wikipedia. "expenditure approach." CC BY-SA 3.0 http://en.wikipedia.org/wiki/expenditure%20approach
• Wikipedia. "Gross domestic product." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Gross_domestic_product#Income_approach
• Wiktionary. "depreciation." CC BY-SA 3.0 http://en.wiktionary.org/wiki/depreciation
• Wikipedia. "Gross domestic product." CC BY-SA 3.0
http://en.wikipedia.org/wiki/Gross_domestic_product#Limitations_and_Criticisms
• Wiktionary. "qualitative." CC BY-SA 3.0 http://en.wiktionary.org/wiki/qualitative
• Wiktionary. "quantitative." CC BY-SA 3.0 http://en.wiktionary.org/wiki/quantitative
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http://en.wikipedia.org/wiki/Measures_of_national_income_and_output
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http://en.wikipedia.org/wiki/Personal_income_in_the_United_States
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http://en.wikipedia.org/wiki/Personal_income_in_the_United_States
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• Wikipedia. "Disposable and discretionary income." CC BY-SA 3.0
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http://en.wikipedia.org/wiki/Disposable_and_discretionary_income
Measuring Output and Income
• Wikipedia. "Discretionary Income." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Discretionary%20Income
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• Wikipedia. "Per capita income." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Per_capita_income
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http://en.wikipedia.org/wiki/Real_versus_nominal_value_(economics)
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• Wiktionary. "nominal." CC BY-SA 3.0 http://en.wiktionary.org/wiki/nominal
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• Wikibooks. "Macroeconomics/Glossary." CC BY-SA 3.0 http://en.wikibooks.org/wiki/Macroeconomics/Glossary#N
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http://en.wikipedia.org/wiki/Nominal_GDP#Nominal_GDP_and_adjustments_to_GDP
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• Wikipedia. "Inflation." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Inflation
• Wikipedia. "Cost-push inflation." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Cost-push_inflation
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Measuring Output and Income
• Wikipedia. "Demand-pull inflation." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Demand-pull_inflation
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• Wikispaces. "econ101-powers-sectionc - Types of Inflation." CC BY-SA http://econ101-powerssectionc.wikispaces.com/Types+of+Inflation
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• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//economics/definition/demand-pull-inflation
• Wiktionary. "inflation." CC BY-SA 3.0 http://en.wiktionary.org/wiki/inflation
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• Wikipedia. "GDP deflator." CC BY-SA 3.0 http://en.wikipedia.org/wiki/GDP_deflator
• Wiktionary. "consumer price index." CC BY-SA http://en.wiktionary.org/wiki/consumer_price_index
• Wikipedia. "Cpi." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Cpi
• Wiktionary. "market basket." CC BY-SA 3.0 http://en.wiktionary.org/wiki/market+basket
• Wiktionary. "consumer price index." CC BY-SA 3.0 http://en.wiktionary.org/wiki/consumer+price+index
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