Purchase Solution

personal income and national income

Not what you're looking for?

Ask Custom Question

Define personal income and national income (economic concepts). In economics, how does personal income differ from national income?

Purchase this Solution
Solution Summary

The solution defines personal income and national income (economic concepts).

Solution Preview

Define personal income and national income

Total personal income is defined by the United States' Bureau of Economic Analysis as:

income received by persons from all sources. It includes income received from participation in production as well as from government and business transfer payments. It is the sum of compensation of employees (received), supplements to wages and salaries, proprietors' income with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj), rental income of persons with CCAdj, personal income receipts on ...

Solution provided by:
Sandeep Bardia, MBA
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
Recent Feedback
  • "Thank you. "
  • "Thank you"
  • "Thank you. I got 20/20 last week for my discussion you help me out with."
  • "Thank you. Great Job. "
  • "Thank you. Great Job. "
Purchase this Solution
Free BrainMass Quizzes
Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

View More Free Quizzes
Related BrainMass Solutions

  • National Income Accounting Problem

    Compute personal income and disposable income.

  • Calculation of Domestic Output and National Income

    581259 Calculation of Domestic Output and National Income To the right is a list of domestic output and national income figures for a certain year. All figures are in billions.

  • Calculating the GDP, NDP, GNP, NI etc from a data set

    3277 Calculating the GDP, NDP, GNP, NI etc from a data set Consider the national income and output data listed: 1)Personal Consumption Expenditure= 1491 2)Transfer Payments 274 3)Depreciation -234 4)Retained earnings-112 5)Gross Fixed Investment

  • Gross domestic product

    National income is: 4. Personal income is 5. Disposable income is: 1. Gross domestic product is: GDP = Personal Consumption Expenditures + Gross Private Domestic Investment + Government Purchases + U.S. Exports - U.S.

  • Show from national income accounting that A. An increase in

    [For both B and C assume that there are no interest payments by household or transfer payments to foreigners) Show from national income accounting that A.

  • Disposable personal income

    82757 Disposable personal income consumption's 4) The following is information from the national income account for a hypothetical country.

  • National Income Accounting-

    This solution answers four questions concerning national income accounting, addressing GDP per capita, price increase and value of net investment.

  • GDP and NDP by the expenditure and income methods

    This gives us: DI= PI - Personal tax DI = $291 - 26 =$265 Thank you for using BrainMass. GDP and NDP calculations by the expenditure and income methods; adjustments to find personal and disposable income

  • Government cuts its purchases

    As a result, the budget deficit is reduced by $40 billion, private domestic decreases by $10 billion, disposable personal income decrease by $80 billion and the trade deficit is reduced by $15 billion. By how much has national income (y) changed?

View More Related Solutions