Income
Y=C+S
Y= Income Or
C=Consumption
S=Saving
Disposable Income
Y=C+S+R-T
Y= Income
C=Consumption
S=Saving
R=Transfer Payments or Subsidy
T=Tax
GDP=Gross Domestic Product
Definition: GDP is the market value of all the final goods and services produced within a country in a given time period.
Market Value: the prices at which each item is traded in market.
Example: if the price of an apple is 10tk, the market value of 20 apple is 10×20=200tk
Final goods and services: A final good or service is an item that is bought by its final user during a specified time period.
Intermediate goods and services: An Intermediate good or service is an item that is produced by one firm, bought by another firm and used as a component of a final good or services.
Example: Computer-Final goods
Motherboard- Intermediate goods
Within a country: only goods and services that are produced within a country count as part of that country’s GDP.
In a given time period: GDP measures the value production in a given time period.
Such as: Yearly-Annual GDP, Quarterly GDP.
GDP: Production of goods and services by Bangladeshi Residents in Bangladesh + Production of goods and services by Foreigner who lives in Bangladesh.
GNP=Gross National Product
Definition: GNP is the market value of all the final goods and services produced by the residents of a country both at home and abroad in a given time period.
GNP: Production of goods and services by Bangladeshi Residents in Bangladesh + Production of goods and services by Bangladeshi Residents in Abroad -Production of goods and services by Foreigner who lives in Bangladesh.
NDP (Net Domestic Product) at market prices: GDP-Depreciation
NNP (Net National Product) at market prices: GNP-Depreciation=National Income
Depreciation: is the decrease in the stock of capital that results from wear &tear and obsolescence, also called capital consumption.
NDP (Net Domestic Product) at factor cost: NDP-Net Indirect Taxes
Net Indirect Taxes=Subsidy-Indirect Taxes.
NNP (Net National Product) at factor cost: NNP- Net Indirect Taxes
=National Income at factor cost
Personal Income: Income+Transper payments
Personal Disposable Income: personal Income+Transper payments-personal taxes
Personal Income: National Income-social security contribution-corporate income taxes-undistributed profits Transfer payments
National Disposable Income: National Income-social security contribution-corporate income taxes-undistributed profits Transfer payments-personal taxes
Disposable Income: C+S
Measurement of National Income:
- Expenditure Approach
- Income approach
- Value added approach
- Expenditure Approach
GDP at market price
GDP=Y=C+I+G+X-M
Y= Income/GDP
C=Personal Consumption Expenditure
I=Gross Private Investment
G=Government purchases of goods and services.
X=Export
M=Import
NDP (Net Domestic Product) at market prices: GDP-Depreciation
NDP mp =C+I+G+X-M-Depreciation
NDP (Net Domestic Product) at factor cost: NDP-Net Indirect Taxes
Net Indirect Taxes=Subsidy-Indirect Taxes.
NDP FC= C+I+G+X-M-Depreciation-Net Indirect Taxes
NNP (Net National Product) at market prices: GNP-Depreciation=National Income
NNP (Net National Product) at factor cost: NNP- Net Indirect Taxes
=National Income at factor cost
- Income approach
GDP at market price
GDP mp: Compensation of employees or wage +Net interest+ Rent +corporate profit+ proprietor’s income-indirect taxes+subsidy+depreciation
GDP FC: Compensation of employees or wage +Net interest+ Rent +corporate income tax+ undistributed profits+dividends-indirect taxes+subsidy+depreciation
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