Definition
Macroeconomics
1.
Gross Domestic Product (GDP)
The value of domestically produced goods and services in their final forms,
during a specific period of time, irrespective of the original sources of
production factors
.
2.
Gross National Product (GNP)
The sum of GDP and net factor income from abroad
.
3.
National Income (NI)
The aggregate
income of domestic residents derived from the production
of goods and services of an economy, during a period of time.
4.
Degree of Openness
Level of economic dependency.
5.
Current Account
The net sum of trade in goods and services, income and current transfers.
6.
Balance of Payments
A summary of economic transactions transfers between residents
and
nonresidents that takes place during a specific time period.
7.
Cash Balance
The difference between the actual revenue remitted to the treasury
and expenditure of the government from both budget and non-budget
allocations.