Aggregate income represents the sum total of all incomes within an economy before adjusting for inflation, taxes, or types of double-counting. It is a fundamental economic measure essential for assessing the economic health and output of a nation.
Gross Domestic Product (GDP) is a comprehensive measure of a nation's overall economic activity, representing the total dollar value of all goods and services produced over a specific time period within a country's borders.
Gross National Product (GNP) is a measure of the economic output of a country, accounting for the market value of all goods and services produced by the residents of the country, whether located domestically or abroad.
Gross National Product (GNP) is a financial metric that measures the total economic output of a country's residents, regardless of the geographic location of the output.
The Marginal Propensity to Invest (MPI) is a measure in economics that defines the proportion of additional national income that will be invested rather than consumed or saved.
National Income is a comprehensive measure of the overall economic activity within a country, reflecting the total income earned by the residents of a nation during a specific period, usually a year.
The rate of growth in national income that maintains the current level of employment and wages. This rate equals the growth rate of the labor force added to the rate of productivity.
Personal income is a component of national income representing the amount of income actually received by households after accounting for various adjustments.
An economic good consisting of human worth in the form of labor, advice, managerial skill, etc., rather than a commodity. Services to trade include banking, insurance, transport, etc. Professional services encompass the advice and skill of accountants, lawyers, architects, business consultants, doctors, etc. Consumer services include those given by caterers, cleaners, mechanics, plumbers, etc. Industry may be divided into extractive, manufacturing, and service sectors. The service industries make up an ever-increasing proportion of the national income.
Zero economic growth occurs when the national income of a country neither grows nor falls. Some groups advocate for zero economic growth as a solution to problems like pollution and resource depletion.
