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NATIONAL INCOME AND NET DOMESTIC PRODUCT: National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production of final goods and services during a given period of time, usually one year. Net domestic product (NDP) is the total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. Although national income is generated by the production of net domestic product, the value of production does not entirely result in earned income. In other words, national income can be derived from net domestic product after a few adjustments.

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Lesson 11: Circular Flow | Unit 1: Basic Flow Page: 3 of 22

Topic: Three Markets <=PAGE BACK | PAGE NEXT=>

The three aggregated markets in the circular flow are:
  • Product markets: The combination of all markets in the economy that exchange final goods and services. These markets are the mechanism that exchanges gross domestic product. These are also termed the aggregate market.
  • Factor markets: These markets exchange the services of the economy's resources, or factor of production--labor, capital, land, and entrepreneurship. These are also called resource markets.
  • Financial markets: These are markets that trade financial instruments, like stocks and bonds. They play an important role in capital investment.

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MARKET-CLEARING PRICE

The price that exists when a market is clear of shortage and surplus, or is in equilibrium. Market-clearing price is a common, non-technical term for equilibrium price. In a market graph, the market-clearing price is found at the intersection of the demand curve and the supply curve.

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Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Lombard Street is London's equivalent of New York's Wall Street.
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