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Measuring Output and Income > 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
•
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
•
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 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 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
• Discretionary Income
Disposable income (after-tax income) minus all payments that are necessary to meet current bills.
• disposable income Income left after taxes.
• 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.
• per capita per person
• personal income
An individual's total earnings from wages, investment enterprises, and other ventures.
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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
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
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
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
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
A) measured by the BEA
B) measured by the Census
C) all the above
D) provides data relevant to policy makers
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Measuring Output and Income
A) measured by the BEA
B) measured by the Census
C) all the above
D) provides data relevant to policy makers
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Measuring Output and Income
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
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
A) disaggregating national income.
B) capturing country-specific income distribution.
C) comparing living standards between countries.
D) comparing the average wealth of one country to another.
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Measuring Output and Income
A) disaggregating national income.
B) capturing country-specific income distribution.
C) comparing living standards between countries.
D) comparing the average wealth of one country to another.
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Measuring Output and Income
•
Wikipedia.
"Measures of national income and output." CC BY-SA 3.0
http://en.wikipedia.org/wiki/Measures_of_national_income_and_output
•
Wikipedia.
"national income." CC BY-SA 3.0 http://en.wikipedia.org/wiki/national%20income
• Wikipedia.
"Personal income in the United States." CC BY-SA 3.0
http://en.wikipedia.org/wiki/Personal_income_in_the_United_States
•
Wikipedia.
"Personal income in the United States." CC BY-SA 3.0
http://en.wikipedia.org/wiki/Personal_income_in_the_United_States
• Boundless Learning.
"Boundless." CC BY-SA 3.0 http://www.boundless.com//sociology/definition/personal-income
•
Wiktionary.
"disposable income." CC BY-SA http://en.wiktionary.org/wiki/disposable_income
• Wikipedia.
"Disposable and discretionary income." CC BY-SA 3.0
http://en.wikipedia.org/wiki/Disposable_and_discretionary_income
• Wikipedia.
"Discretionary Income." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Discretionary%20Income
• Wiktionary.
"disposable income." CC BY-SA 3.0 http://en.wiktionary.org/wiki/disposable+income
• Wikipedia.
"Per capita income." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Per_capita_income
• Wiktionary.
"per capita." CC BY-SA 3.0 http://en.wiktionary.org/wiki/per+capita
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