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PIE CHART: A circular graph divided into wedges that is commonly used to present the division of a total among parts. The circular "pie" represents the total value and each slice represents the portion distributed to each category. Pie charts are a handy way to present information, but are not well suited for more involved economic analysis.

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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income Page: 18 of 25

Topic: National Income <=PAGE BACK | PAGE NEXT=>

The first three related, but slightly different income measures is national income (NI), income earned by the factors of production.
  • National income is the sum of wages (W), interest (I), rent (R), profit (P) and proprietors' income (PI):

NI = W + I + R + P + PI

  • National income is also found by subtracting capital consumption allowance (CCA) and indirect business taxes (IBT) from, and adding net foreign factor income (NFFI) to, GDP:

NI = GDP - CCA - IBT + NFFI

  • And because NDP = GDP - CCA:

NI = NDP - IBT + NFFI


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ENERGY PRICES, AGGREGATE SUPPLY DETERMINANT

One of several specific aggregate supply determinants assumed constant when the aggregate supply curve is constructed, and that shifts the aggregate supply curve when it changes. An increase in the energy prices causes a decrease (leftward shift) of the aggregate supply curve. A decrease in the energy prices causes an increase (rightward shift) of the aggregate supply curve. Other notable aggregate supply determinants include technology, wages, and the capital stock. Energy prices fall under the resource price aggregate supply determinant.

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