Economics (AS)·National Income · NSSCAS 4.1
National Income: GDP, GNP, GNI & NNI
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We open the macroeconomy with the numbers a whole country lives by. First we separate nominal (money) values from real values and do the deflation calculation that strips inflation out. Then we build the ladder of aggregates — from GDP up to GNP and GNI, and down to NNI — note the three ways GDP is measured, turn it into GDP per capita, and link it to living standards. Finally we analyse honestly what these statistics can and cannot tell us, over time and between countries, with Namibia's large informal and subsistence sector always in view.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Economics (AS) 4.1):
- Differentiate between nominal (money) and real data
- Define and differentiate between Gross Domestic Product (GDP), Gross National Product (GNP), Gross National Income (GNI) and Net National Income (NNI)
- Discuss national income and its relation to living standards
- Analyse the uses and limitations of national income statistics for comparison over time and between countries
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