Lesson Flashcards: National Income

The difference in the market value of goods before and after each production stage

The part of the national income that is not spent on the consumption of goods and services

The expenditure incurred by the government to produce goods and services that benefit society as a whole, rather than individuals

Expenses incurred by a firm or the private sector to obtain fixed capital in order to add to the country’s productive capacities in the future

An organization that produces new goods and services by employing the factors of production owned by households

The financial compensation received by households providing factors of production

The difference between the values of exported and imported goods and services

An economic measure of the balance of trade when net exports are positive (the amount by which the value of exports of goods and services exceeds the value of imports)

A measure of the total income earned by a country’s nationals within a given period (working either domestically or abroad)

The market value of final goods and services that are purchased in an economy by its consumers or by the households