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per capita income and international comparisonsper capita income figures can also be used to compare the standards of living of different countries
problems of using per capita income to compare standard of living over time1 the composition of output may change eg more
national income and standards of livingstandard of living refers to the quantity of goods and services enjoyed by a person these goods may be
limitations of uneven distribution of income and wealthunlike the historical experience of the now developed countries the rich in contemporary third
arguments for uneven distribution of income and wealththe basic economic argument to justify large income inequality was the assumption that high
costs of economic growth increase in national income1 people living in industrial towns suffer from the effects of a polluted
national income and welfarethe relationship between national income and welfare is best explained in terms of economic growth by economic growth is
real vs nominal gnp deflating by a price index one of the problems that confront economists when measuring gnp is that they have to use money as
uses of national income figureswe need national income statistics to measure the size of the national cake of goods and services available for
factors affecting the size of national incomethe size of nations income depends upon the quantity and quality of the factor endowments at its
some difficulties in measuring national incomenational income accounting is beset with several difficulties these area what
using the national output for calculating national incomea final method which is more direct is the output method or the value added approach
using factor incomes for calculating national income a second method is to sum up all the incomes to individuals in the form of wages rents
using total expenditure for calculating national incomethe expenditure approach centres on the components of final demand which generate
approaches to measuring national incomethe compilation of national income statistics is a very laborious task the total wealth of a nation has to
national income accountingthis refers to the measuring of the total flow of output goods and services and of the total flow of inputs factors of
national incomenational income is a measure of the money value of goods and services becoming available to a nation from economic activities it can
a mathematical approach to revenue and cost functionsrecall that tr p x qthis implies that par tr
barriers to entry in pure oligopolythe barriers to entry can be artificial or naturalartificial barriersthis can be acquired through state protection
waste in imperfect competitionmonopolistic competition involves some degree of waste in two aspectswhen new firms enter the industry and the demand
disadvantages of product differentiation a product differentiation generally reduces the degree of competition in the market it does this in
advantages of product differentiationwe can distinguish between those advantages for the firm itself and those for the
product differentiation product differentiation describes a situation in which there is a single product being manufactured by several suppliers
short run output and pricein monopolistic competition its the product differentiation that permits its price without losing sales due to brand
assumptions of monopolistic competitionmonopolistic competition as the name implies combines features from both perfect competition and monopoly