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Econ: Ch. 14.2 Measuring the Nation's Income

Your mission, should you accept it, is to understand more about income than you ever thought possible.
AB
Gross National Product (GNP)The largest measurement of the economy
netWhat's left after other things are subtracted.
grossAn amount before you subtract
Net National ProductGNP minus depreciation
depreciationThe amount of value things lose over time.
Net Pay"Take-home" pay AFTER taxes
Gross PayEarnings BEFORE taxes are deducted
National IncomeNet National Product minus taxes
Personal IncomeNI- ('corporate side') + (transfer payments & interest)
Disposable IncomePI -(taxes & social security)

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