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4454024
The Determination of National Income
Descripción
Leaving Certificate Economics Mapa Mental sobre The Determination of National Income, creado por james liew el 07/02/2016.
Sin etiquetas
economics
national income
economics
leaving certificate
Mapa Mental por
james liew
, actualizado hace más de 1 año
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Creado por
james liew
hace más de 8 años
69
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0
Resumen del Recurso
The Determination of National Income
The Circular Flow of Income is the flow of receipts and expenditure between companies and households
Income (Y) = consumption (C) + investment (I) + gov. expenditure (G) + exports (X) - imports (M)
Average Propensity To Consume is the proportion of total income spent
What Does Consumption Depend On?
Level of Income
Rate of Interest: If rates of interest are low, consumers will borrow and hence spend.
Availability of Credit: If banks are willing to offer more loans, then spending will increase.
Rate of Income Taxation
What Does Investment Depend On?
Cost of Capital Goods
Businesspeople's Expectations: If businesspeople are optimistic about the future, investment may increase.
Productive Capacity of the Economy
State of Technology
What Do Exports Depend On?
Level of Incomes Abroad
Competitiveness: If Irish products are cheaper than foreign alternatives, demand for Irish Exports will rise.
Value of the Euro
What Do Imports Depend On?
Marginal Propensity to Import (MPM)
Foreign Prices vs. Domestic Prices
Levels of Incomes
Value of Euro
Availability of Goods
Multiplier : the number of times an injection results in an increase in income
Factors that Affect the Savings Rate in The Irish Economy
Future Expectations For the Econnomy
Price Levels
Level of Income
Level of Taxation
Marginal Propensity to Import
1 / MPS + MPM
It is the percentage of money spent on imported goods out of the last increase in income
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