The document discusses different methods for measuring national income, including gross domestic product (GDP). GDP can be calculated through the expenditure method by adding consumption, investment, government spending, and net exports. It can also be calculated through the income method by adding various incomes like wages, profits, and rent. GDP measures the value of final goods and services produced within a country. Gross national product (GNP) also includes income generated from domestic assets owned abroad. Real GDP adjusts for inflation to measure the actual volume of economic output and growth. National income statistics help analyze economic performance and living standards over time.
This slide includes the information in presentation format about National Income and it will help you to study the component of the National income very easily and conceptually.
This slide includes the information in presentation format about National Income and it will help you to study the component of the National income very easily and conceptually.
concepts of NATIONAL INCOME, GROSS DOMESTIC PRODUCT, GNP. NET INCOME, PER CAPTA INCOME, CALCULATION OF NATIONAL INCOME AT CURRENT RATE & CONSTANT RATE, IMPORTANCE OF ESTIMATION, PROBLEMS IN ESTIMATION, CURRENT INDIAN GDP, INDIAN ECONOMIC STATUS.
National income: concept, methods, Importance and challengesPankaj Bhaydiya
In this presentation you are going to know about the concept of national income, circular flow of income under four sector economy its methods, Importance and the challenges faced by government in calculation of national income
concepts of NATIONAL INCOME, GROSS DOMESTIC PRODUCT, GNP. NET INCOME, PER CAPTA INCOME, CALCULATION OF NATIONAL INCOME AT CURRENT RATE & CONSTANT RATE, IMPORTANCE OF ESTIMATION, PROBLEMS IN ESTIMATION, CURRENT INDIAN GDP, INDIAN ECONOMIC STATUS.
National income: concept, methods, Importance and challengesPankaj Bhaydiya
In this presentation you are going to know about the concept of national income, circular flow of income under four sector economy its methods, Importance and the challenges faced by government in calculation of national income
Examine the composition of national income (or national output);
Study the concepts of Gross National Product (GNP) and Gross Domestic Product (GDP), and differentiate between the two measures;
Look at the two approaches to measuring GDP and GNP;
Learn the differences between real and nominal output: and
Learn what economists use to determine whether the national economy is growing or not.
This presentation includes the definition of National Income Accounting, it also covers Gross Domestic Products including: types, difference between nominal and real GDP and it also covers the other measure of output and income :)
Key concepts
• Measuring economic activity – GDP and GNP/GNI
• Output, income and expenditure methods of GDP accounting
• From GDP to GNP
• Nominal and real GDP
• Nominal and real GNP/GNI
• Per capita income
• Use of national income figures
• Green GDP
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To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
2. What is National Income?
• National income measures the money value of
the flow of output of goods and services
produced within an economy over a period of
time. Measuring the level and rate of growth of
national income (Y) is important to economists
when they are considering:
→The rate of economic growth
→ Changes over time to the average living
standards of the population
→ Changes over time to the distribution of
income between different groups within the
population
3. Measuring national • 1. Output: i.e. the total
income
value of the output of
To measure how much
goods and services
output, spending and produced in the UK.
income has been
generated in a given time
• 2. Spending: i.e. the total
period we use national amount of expenditure
income accounts. These
accounts measure three
taking place in the
things: economy.
• 3. Incomes: i.e. the total
income generated through
production of goods and
services.
4. • National Output = National
Gross Domestic Product
Expenditure (Aggregate
Demand) = National
There are three ways of
calculating GDP - all of Income
which should sum to the
same amount since the
following identity must
hold true:
5. Case Study
• The Nissan plant at Washington, Tyne and Wear is
celebrating its 20th anniversary in July 2006, the first car
having rolled off the line on July 8th, 1986. In that first year
of production 470 staff had a production target of 24,000
Bluebirds. Twenty years on, more than 4,200 employees
produce around 310,000 Micras, C+Cs, NOTEs, Almeras and
Primeras each year. That car has been followed by 4.3
million others thanks to a total investment of £2.3 billion.
Production is set to rise from 310,000 per year last year to
400,000 in 2007 with the introduction of a new small 4x4,
and Sunderland has been rated as Europe's most
productive car factory for the last eight years.
• Sources: Reuters News, Sunderland Echo, July 2006
6. The Expenditure Method of
calculating GDP (aggregate • C: Household spending
demand)
I: Capital Investment
spending
This is the sum of spending
on UK produced goods and G: Government spending
services measured at X: Exports of Goods and
current market prices. The
full equation for GDP using Services
this approach is
M: Imports of Goods and
GDP = C + I + G + (X-M)
Services
7. The Income Method of Here GDP is the sum of the incomes
calculating GDP (the Sum of earned through the production of goods
Factor Incomes) and services. The main factor incomes are
as follows:
Income from people employment and in
self-employment
• We exclude from the
accounts the following +
items: Profits of private sector companies
– Transfer payments e.g. +
the state pension paid to
retired people; income Rent income from land
support paid to families =
on low incomes; the
Jobseekers’ Allowance Gross Domestic product (by factor
given to the unemployed income)
and other forms of
welfare assistance It is important to recognise that only those
including child benefit incomes that are actually generated
and housing benefit
– Income that is not through the production of output of goods
registered with the Inland and services are included in the
Revenue or Customs and
Excise calculation of GDP by the income
– Private transfers of approach.
money from one
individual to another.
8. Output Method of calculating
GDP – using the concept of • Value added is the increase
value added
in the value of a product at
each successive stage of
This measure of GDP adds
together the value of output
the production process. We
produced by each of the
productive sectors in the
use this approach to avoid
economy using the concept of the problems of double-
value added.
counting the value of
intermediate inputs.
9. The table below shows indices of value added from various sectors of the economy in recent
years. We can see from the data that manufacturing industry has seen barely any growth at all
over the period from 2001-2004 whereas distribution, hotels and catering together with business
services and finance have been sectors enjoying strong increases in the volume of output. These
figures illustrate a process of structural change, with a continued decline in manufacturing
output and jobs relative to the rest of the economy. By far the largest share of total national
output (GDP) comes from our service industries.
Index of Gross Value Added by selected industry for the UK
Mining and Manufacturi Construction Distribution, Business
quarrying, ng hotels, and services and
inc oil & gas catering; finance
extraction repairs
2001 28 172 57 159 249
weights in
total GDP
(out of
1000)
2001 100 100 100 100 100
2002 100 97 104 105 102
2003 94 97 109 108 106
2004 87 98 113 113 111
10. We can see from the following chart how there have been divergences in the growth achieved by
the manufacturing and the service sectors of the British economy. Indeed by the middle of 2006,
the index of manufacturing output was below the level achieved at the start of 2000.
In contrast the service industries have enjoyed strong growth, leading to a continued process of
structural change in the economy – away from traditional heavy industries towards service
businesses.
11. • In contrast, Gross Domestic Product
GDP and GNP (Gross (GDP) is concerned only with the factor
National Product) incomes generated within the
geographical boundaries of the country.
So, for example, the value of the output
produced by Toyota and Deutsche
Gross National Product Telecom in the UK counts towards our
(GNP) measures the final GDP but some of the profits made by
value of output or overseas companies with production
expenditure by UK owned plants here in the UK are sent back to
factors of production
their country of origin – adding to their
GNP.
whether they are located
in the UK or overseas.
• GNP = GDP + Net property income
from abroad (NPIA)
• NPIA is the net balance of interest,
profits and dividends (IPD) coming into
the UK from our assets owned overseas
matched against the flow of profits and
other income from foreign owned
assets located within the UK.
12. Measuring Real National Income Income per capita
• When we want to measure • Income per capita is a basic
growth in the economy we way of measuring the
have to adjust for the average standard of living
effects of inflation. for the inhabitants of a
Real GDP measures the country. The table below is
volume of output produced taken from the latest
within the economy. An edition of the OECD World
increase in real output Factbook and measures
means that AD has risen income per head in a
faster than the rate of common currency for the
inflation and therefore the year 2005, the data is
economy is experiencing adjusted for the effects of
positive growth variations in living costs
between countries.
13. GDP per capita $s
GDP per capita $s
Luxembourg 57 704 EU (established 15 countries) 28 741
United States 39 732 Germany 28 605
Norway 38 765 Italy 27 699
Ireland 35 767 Spain 25 582
Switzerland 33 678 Korea 20 907
United Kingdom 31 436 Czech Republic 18 467
Canada 31 395 Hungary 15 946
Australia 31 231 Slovak Republic 14 309
Sweden 30 361 Poland 12 647
Japan 29 664 Mexico 10 059
France 29 554 Turkey 7 687
Source: OECD World Economic Factbook, 2006 edition
14. Conclution
• By international standards, the UK is a high-
income country although we are not in the very
top of the league tables for per capita incomes.
We do have an income per head that is about ten
per cent higher than the average for the 15
established EU countries. But we are some
distance behind countries such as the United
States (where productivity is much higher). And
Ireland’s super-charged growth over the last
twenty years means that she has now overtaken
us in terms of income-based measures of
standards of living.
15. Bibliography
• www.google.com
• www.wickipidea.com
• www.tutor2u.com
• Special thanks to Mitra Mam