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HKDSE Economics 5A - 01 - National Income
Terms in this set (27)
The output or income a region gets from production within a period of time.
Gross domestic product
The total value of production of all resident producing units of a region in a specific period.
Gross national product
The total income earned by residents from engaging in economic activities in a given period of time.
In national income statistics, nominal data are figures calculated at current market prices.
In national income statistics, real data are figures calculated at constant market prices.
Resident producing units
individuals or organization which engage in production and maintain a centre of economic interest in the country or territory
counting a good more than once when computing GDP
A person who resides in a designated country.
A method of computing GDP that measures the total amount spent on all final goods and services during a given period.
Measure the total value of production of all resident producing units
a method used to calculate GDP by summing up all incomes received by factors of production
cost of the factors of production used to produce the final good
Private consumption expenditure
The consumption and spending made by private individuals to satisfy desires and wants.
Gross investment expenditure
The consumption and spending made by firms to enhance production capabilities
Government consumption expenditure
Includes spending on goods and services and capital goods; does not include transfer payments; _______________ are counted at cost (not value) to tax payers
Change in inventories
Computes the amount by which firms' inventories change during a given period. Inventories are the goods that firms produce now but intend to sell later.
Gross domestic fixed capital formation
measures the value of acquisitions of new or existing fixed assets by the business sector, governments and "pure" households (excluding their unincorporated enterprises) less disposals of fixed assets.
GFCF is a component of the expenditure on gross domestic product (GDP), and thus shows something about how much of the new value added in the economy is invested rather than consumed.
exports minus imports
the value of a firm's production minus the value of the intermediate goods used in production
Net factor income from abroad
Factor income from abroad minus factor income paid abroad
Current market prices
Prices of goods at selling price
year used as a point of comparison for other years in a series of statistics
Economic activity based on buying and selling products and services illegally
Costs that are not directly related to production
Factor income paid abroad
Payments made to foreign residents from a domestic firm or resident
Factor income from abroad
Payments made to domestic residents from a firm from foreign country.
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