Learning objectives
Explain what national income measures and distinguish gross domestic product (GDP), gross national income (GNI) and net national income (NNI)
Adjust national income from market prices to basic prices by removing taxes on products and adding subsidies, and from gross to net values by deducting depreciation
Convert nominal GDP to real GDP using a price index or deflator, and explain why real values are needed to compare output over time
(A Level) Use real GDP per capita at purchasing power parity to compare living standards, and explain the limitations of national income data for such comparisons
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