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SDR: The abbreviation for Special Drawing Rights, which is a system of accounts nations have with International Monetary Fund that are used to settle any balance of payments deficits. In essence, SDRs are simply an international currency that makes it easier to conduct all sorts of international transactions. In decades past, when gold was used as the primary international currency, any balance of payments deficits was paid with gold. However, in 1967 this system of SDRs was established in lieu of sending gold all over the globe.

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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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VARIABLE COST

In general, cost that changes with changes in the quantity of output produced. More specifically, variable cost is combined with the adjectives "total" and "average" to indicate the overall level of variable cost or the per unit variable cost. Variable cost depends on the amount produced. If there is no production, then there is no variable cost.

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