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NET FOREIGN FACTOR INCOME: The difference between factor payments received from the foreign sector by domestic citizens and factor payments made to foreign citizens for domestic production. Net foreign factor income, abbreviated NFFI, is the key difference between gross DOMESTIC product and gross NATIONAL product in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. It is also an important difference between national income (the resource cost of production) and gross/net domestic product (the market value of production).
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Lesson 10: Gross Domestic Product | Unit 5: Issues
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Page: 25 of 25
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- The importance of GDP as an indicator of addressing the scarcity problem and in the analysis of business cycle instability.
- Deficiencies in measuring GDP: (1) it is only an indicator that requires interpretation and analysis, (2) it does not measure the distribution of production, and (3) it does not necessarily measure the satisfaction obtained from production.
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GOVERNMENT CONSUMPTION EXPENDITURES AND GROSS INVESTMENT The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring government purchases undertaken by the government sector. Government consumption expenditures and gross investment averages between 15-20 percent of gross domestic product. As might be expected, this percentage tends to be ebb and flow with the political winds. Some political leaders prefer more government activity, others less. However, this percentage is even more dependent on military conflicts and wars that require massive government activity. The other official expenditures included in the National Income and Product Accounts are personal consumption expenditures, gross private domestic investment, and net exports of goods and services.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Always remember that striving and struggle precede success, even in the dictionary. " -- Sarah Ban Breathnach, writer
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WLS
Weighted Least Squares
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