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61-GDP, GNP, NNP, NDP ,NI, PI, DI, & GDP Per capita | Gross Domestic Product | National Income - YouTube
Channel: Easy Learning Economics
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hello friends
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welcome to easy learning economics i'm
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dr carol
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today our topic is the components of
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national income in which we discuss that
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the
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gdp gdp stands for the gross domestic
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product
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gnp gross national product nnp
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net national product ndp
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net domestic product ni the national
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income pi the personal
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income the di the disposable income
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and gdp per capita income we talk about
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all these components of the national
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income
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our lecture plan is based on that what
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is gdp
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what is gnp what is nnp
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what is gdp per capita income what is
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nominal gdp
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and real gdp what is ndp means net
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domestic
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product what is national income what is
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personal income
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what is disposable income so these
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things we are going to discuss one by
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one
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what is gdp and who introduced the
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concept of gdp
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the simon quiznet presented the concept
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of gdp in his report to congress in
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1937.
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what does gdp shows what is the
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importance of gdp
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what we understand from the gdp gdp
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is a scorecard of the economy it is the
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mayor
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of national income national output and
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national
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expenditure mathematically we can
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express the gdp
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as the c plus g plus i plus nx
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gdp means gross domestic product
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and c stands for public and private
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consumption
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g stands for the government outlets i
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stands for the investment
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and nx stands for the net export it
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means the export minus import
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why we use the gdp the gdp is commonly
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used to measure the market
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value of final goods and services
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produced in a country during a period of
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one year
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by resources located in the country
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tallest of the ownership
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of resources gdp include the goods
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produced in pakistan by foreign firms
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but exclude the goods produced
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overseas are abroad by pakistan simply
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gdp is the value of final product or
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finished goods which are ready for sale
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produced within a country border either
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by citizens
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and non-citizens what is gnp
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gnp stands for the gross national
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product
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it is the measurement of the annual
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economic productivity
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and wealth of a country and it depicts
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the snapshot of the photo or picture of
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economic growth
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mathematically we can express the gnp
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as gdp plus net factor income from
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abroad gdp as we know that the money
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value
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of all fine goods and services produced
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in a country during a period of one year
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plus net factor income from abroad it
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means
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the income earned by pakistani people
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residing abroad producing there they
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have the nationality of pakistan
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minus the income earned by the foreigner
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in pakistan means the gnp
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is the money value of all fin goods and
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services produced by country's citizens
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during a period of one year regardless
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of the location of production
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or simply gnp is the value
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of final products produced by only
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country citizen
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both domestically and abroad nnp
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nnp stands for the net national product
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it is the way to measure nation success
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in minimum production standard it is the
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more
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accurate measure of final goods
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and services by country mathematically
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the net national product we can explain
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that the gnp
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minus depreciation now question arises
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that what is depreciation
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depreciation is the value of fixed
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capital
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through wear and tear associated with
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it used in productive activities are
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portion of the capital
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used in the production of goods and
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services some of the machines
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might be repaired outdated and out
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fashioned
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they must be removed depreciation is
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basically that cost of capital
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that is used during production process
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the depreciation
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is the wear and tear of capital and
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capital edges over time
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and loses its value other type of gdp is
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gdp per capita
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income so what is gdp per capita income
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and how it is calculated when gdp is
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divided by population
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is called gdp per capita gdp per capita
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means
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the per head output or average per
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person
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output tp per capita is the simply mire
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of
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output per person or the amount of
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national income that
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each individual in the country receives
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gdp per capita income shows annual
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improvement
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in the standard of living of the average
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citizen
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or resident of country it is used to
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make
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cross-comparison between the average
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living standard
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and economic well-being what is nominal
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and real gdp when total output is
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measured at current year price is called
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nominal gdp
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so what is real gdp when
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total output is measured at base year
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price
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is real gdp real gdp is inflation
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adjusted gdp what is basil so base year
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is a reference year
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with which other years are compared when
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constructing an
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index the index equals 100 in the base
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year
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is net domestic product ndp
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net domestic product is a depreciation
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adjusted annual mayor of economic output
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of
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nation mathematically we can express the
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ndp as pdp minus depreciation
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ndp shows the estimated value of
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countries
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amount of spending in order to maintain
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the current
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gdp what is national income national
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income
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is the total value of countries final
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output
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of all new goods and services produced
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in one year
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it is the total factor income national
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income
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is the sum of the income received by the
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resource owner
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in the form of rent wages
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interest and profit for the use of their
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resources in the production of goods and
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services
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gdp is the mayor of national income
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national
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output and national expenditure national
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income mathematically we can say that
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gdp at factor cost what is gdp
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at factor cost how can we calculate the
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gdp at factor cost we can calculate the
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gdp
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factor cost gdp minus indirect taxes
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plus subsidies so what is personal
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income
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the personal income means the total
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income
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received by the individuals of country
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from all
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sources before direct taxes in one year
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through equations
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we can say that personal income is
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equals to dollars
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and wages received plus interest
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received
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plus rent received plus dividend
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received
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plus any transfer payment becomes
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personal income
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we can find the personal income from
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national income through equation that
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personal income
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is equal to national income if we deduct
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the tc tc means the corporate income tax
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when we deduct the corporate income tax
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tc from national income
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and pc pc means the internal expansion
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or undistributed corporate profit or
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retained
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earning and the
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ts ts is the insurance or social
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security tax
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when we deduct the corporate income tax
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tc pc is means undistributed corporate
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profit or retained earning
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insurance or social security tax from
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national
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income and then we aid the transfer
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payment
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a transfer payment means that transfer
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payment means that the gift or grant
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from the government for which
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no any exchange of goods is taken place
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or no any economic activity is performed
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so it means the transfer payment means
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the old edge benefit
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or retired pensions are income received
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but not earned
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this is called transfer payment so when
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we deduct
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by adding all these tc plus pc and ts
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once they are added and they are
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deducted from national income
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and by aiding the transfer payment we
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get the personal income
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the amount of national income received
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by the residents of country from
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employment dividend rent wages profit
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and transfer payment that was the
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equation here personal income is equal
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salaries wages received interest
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received rent receipt plus dividend
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received and any transfer payments
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personal income includes the earned
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income
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capital gain and amount of income from
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all types of activities so what is
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personal disposable income
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personal disposable income means the
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final income
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that remains within doodle after paying
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taxes towards the government which in
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doodle can
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spend on the purchase of goods and
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services it means the
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amount or income which remains in the
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hand of in doodle after
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paying off the taxes towards the
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government this is called the
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personal disposable income it means
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it is the after tax income of a person
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it is found by deducting the tax and
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non-tax payments to the government from
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personal income through equations the
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disposable income
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is equal to why it means this is the
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personal income
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y indicates for here the personal income
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t
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stands for the taxes personal income
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minus taxes our personal
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income minus direct taxes equals to the
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disposable income it is all about the
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national income gdp gnp nnp
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and the ndp net domestic product
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and the nominal gdp and real gdp i hope
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that
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it would be clear to all of you if you
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have any query
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or suggestions please let me know your
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feedback
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or any future request in comment box i
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shall reply
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so thanks for watching
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