Tuesday
Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 8 The Data of Macroeconomics Chapter 23 of 36 Measuring A Nation’s Income Section 8 of 15 … When the U.S. Department of Commerce calculates the nation's GDP every three months it also calculates various other measures of income to get a more COMPLETE PICTURE OF THE ECONOMY. These other measures differ from GDP because certain income categories are excluded or included. Five of these income measures are: ·1· Gross national product ·2· Net national product ·3· National income ·4· Personal income ·5· Disposable personal income … ·1· Gross national product (GNP), is the total income earned by a nation's permanent residents, “nationals.” It differs from GDP by · including income our citizens earn abroad · excluding income foreigners earn in the USA When a Canadian citizen works temporarily in the United States their production is part of U.S. GDP but is not part of U.S. GNP. For the United States and mos...