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The National Income Accounts

  1. oRefers to the “market value of all the final products produced by the resources of the economy during a specified period of time.”
  2. oGoods and services which enter into the channel of trade and commerce. oProducts which are produced and consumed by the producers. oImputed value on rentals.
  3. oOnly those goods and services produced during a given period of time are included. oThe emphasis given on “final product” is merely an attempt to avoid - a problem that makes the determination of the gross national product very difficult.
  4. oNational income in less developed countries is understated. -Many products which have been produced and consumed are excluded.
  5. oInadequacy and inaccuracy of statistics. Data gathering and analysis encounter several problems such as obtaining the real counts of the products, the real value of the products and other statistical errors. Others just make estimates of the present status.
  6. oGNP only measures the number of goods and services but not the quality of goods and services.
  7. oIt does not reflect the distribution of income among the members of the society. Income of the rich and the poor are combined to come up with an average per capita income. (PCI). Per capita income is income per head. The formula is:
  8. oComprised of final goods and services produced within national boundaries. oThe GDP is a tool that measures the value of all locally-produced foods and services at market price. oThe GDP does not include the earnings of Filipino factors abroad. These are parts of GNP.
  9. oThe difference between GDP and GNP is called It regards the earnings of banking system as inflows and repatriation to foreign factors of production as outflows. oNFIA is added to GDP to arrive at GNP. A small formula of getting the GNP with the use of GDP is:
  10. Is the total value of final goods and services produced during the year at prices prevailing during that year. It is a value using current prices. The formula is: Where: Current Price Current Volume of Goods and Services
  11. oAt current price, GNP could not be exactly determined. An increase in prices of goods and services will automatically increase the GNP even If there is no actual increase in the volume of production. oIf GNP is really made to measure the market value of total production, the effect of price changes must be eliminated so as to show GNP values which reflect only changes in quantity.
  12. oIs a measurement using a base or constant price. This method means expressing GNP for several years at prices of a single year. oIn real GNP, the effect of price changes is eliminated so as to show GNP values which reflect only changes in quantity.
  13. oReal GNP is computed from current GNP using a price coefficient known as the A price index is needed to divide the GNP at current prices in order to re express it at constant peso terms. The price index must reflect well the average increase of prices of all the goods and services using the prices of a given year as the point of comparison.
  14. oThe formula for Real GNP is: oTo get the Pure No. index, the formula is:
  15. Year Current Value 2014 P1,250,000.00 2015 P2,025,976.00 2016 P2,473,684.00
  16. Year Value of Current Prices Price Index Pure No. Index Value at Constant Prices 2014 P1,250,000.00 100 1.0 P1,250,000.00 2015 P2,025,976.00 102.86 1.03 P3,939,288.35 2016 P2,473,684 107.43 1.07 P2,302,600.76