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NATIONAL INCOME AND GROSS 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. Gross domestic product (GDP) 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. Although national income is generated by the production of gross domestic product, the value of production does not entirely result in earned income. In other words, national income can be derived from gross domestic product after a few adjustments.
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Lesson 12: Business Cycles | Unit 1: Instability
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Page: 3 of 26
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Topic:
Expansionary Good Times
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Expansionary good times are almost always good. But here is a bad side.- The good side: The economy is growing, more goods are produced, living standards rise, businesses are profitable, and scarcity problems are lessened.
- The bad side: Inflation and inefficiency.
- Inflation tends to worsen when the economy expands too rapidly. Inflation is usually a bigger problem for some than for others, including those on fixed incomes and with financial wealth.
- Inefficiency is likely during an expansion. With the entire economy expanding, and everyone becoming better off, the incentive to be efficient is reduced.
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CURRENT ACCOUNT, BALANCE OF PAYMENTS A subset of the balance of payments accounts that tracks the flow of currency and other monetary assets in exchange for trade between one nation and other nations. It includes payments for imports and exports of both goods and services. It also includes monetary gifts or transfer payments to and from other nations. The current account is divided into three categories -- balance on merchandise trade, balance on services, and unilateral transfers. This is one of two primary subsets of the balance of payments. The other is the capital account. A deficit or surplus in the current account is matched by an opposite surplus deficit in the capital account.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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NAIRU
Non-Accelerating Inflation Rate of Unemployment
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