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Brics Economy

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Submitted By zalaku8
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Assignment-1: National Income
The Dictionary definition of the term National Income is the total net value of all goods and services produced within a nation over a specified period of time, representing the sum of wages, profits, rents, interest, and pension payments to residents of the nation.
Measuring the level and rate of growth of national income (Y) is important for seeing: * The rate of economic growth * Changes to average living standards * Changes to the distribution of income between groups within the population
National Income can be measured by three approaches:

1. Aggregating National Production - the output method 2. Aggregating National Income - the income method 3. Aggregating National Expenditure- the expenditure method
Most pre-dominant method is Expenditure method which can be summarized as below-
Y = C + I + G + (X-M)
Y = Total demand for domestic output (GDP)
C = consumption spending by households
I = investment spending by businesses and households
G = government purchase of goods and services
X = exports of the country
M = imports of the country

Tabular data of the components of GDP-

| (All values in USD billion dollars) | | | | | | | Gross National Income | Gross Domestic Product | Gross National Product | Exports | Imports | Government Spending | Consumer Spending | South Africa | 770.8 | 384.31 | 770.8 | 86.455 | 97.224 | 159.94 | 498.012 | Brazil | 2329 | 2533 | 2169.624 | 238.952 | 235.86 | 487.42 | 1383.48 | India | 1704 | 1841.7 | 1666.08 | 317 | 439 | 114 | 614 | China | 6673.94 | 8230 | 8311.585 | 2207.262 | 1955.274 | 1149.608 | 3065.618 | Russia | 1522.27` | 2014.8 | 1944.01 | 523.98 | 335.08 | 216.39 | 699.23 | Indonesia | 844.27 | 878.04 | 742.47 | 180.968 | 184.001 | 19.928 | 98.107 |

Aggregate GDP data for all the nations for the past 10 years....

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