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ACCOUNTING SYSTEM-EXAMPLE I
Consider a very simple economy. It consists of
a. A number of households.
b. A single productive organization, a 'firm' - say the Jam Corporation.
The firm, owned by some of the households, engages in the manufacture of jam from freely available fruits and labor hired from the households. Thus the only scarce input or factor of production is labor. In a given year, the firm's accounts are as follows:
Production Account
The consolidated account of the household sector is:
Household Account
The Gross National Product (GNP) of this economy is the value of output, viz.100. The Gross National Income (GNI) is the value of payments for services of factors of production - labor and 'ownership' - viz. wages, salaries and profits which also add up to 100 as they should.
GNP = GNI for this economy.
Consider two consumers, A and B. A and B both want perfect consumption smoothing (c = cf) and both have no current wealth. However, the two consumers have different income streams.
In the short run, the discrepancy between actual and expected price level causes changes in output and employment. But in the long run, if all other things remain constant, the hig
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In 2009, ABC Company made $2M of net profit and spent $100,000 on advertisement. In 2010, it made $2.5M of net profit and spent $150,000 of advertisement. Based on this information
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what is a limitation of nation income
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uses of national income statistics
On the day his son was born, a father decided to establish a fund for his son's college education. The father wants the son to be able to withdraw $4000 from the fund on his 18th b
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