National income
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1
national income
total value of all the goods and services produced by a country in a year
2
national income =
national output = national expenditure
3
wealth
value of the total assets owned by an individual, firm or country
4
income
flow of money received by factors of production
5
3 injections into the circular flow of income
government expenditure, investment, exports
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3 withdrawals from the circular flow of income
savings, taxes, imports
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multiplier
the amount by which a chnage in an injection or withdrawal causes total income to change
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multiplier =
change in real GDP / change in injections
9
value of UK multiplier
between 0.9 and 1.7
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the multiplier is … in developing countries
higher
11
marginal propensity to consume (MPC)
the proportion of an increase in income that is spent
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MPC =
change in consumption / change in income
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equation linking K and MPC
K = 1 / 1 - MPC
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marginal propensity to save (MPS)
the proportion of an increase in income that is saved
15
MPS =
change in savings / change in income
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equation linking K and MPS
K = 1 / 1 - MPS
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marginal propensity to tax (MPT)
the proportion of an increase in income that is taxes
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MPT =
change in tax / change in income
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marginal propensity to import (MPM)
the proportion of an increase in income that is spent on imports
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MPM =
change in imports / change in income
21
MPW =
MPS + MPT + MPM
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equation linking k and MPW
K = 1 / MPW
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