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Regression Analysis On National Income From 1998 – 2003
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SIGNIFICANCE OF THE STUDY
The study will help to know the status of Nigeria economy. The
knowledge of the status will help to make necessary recommendation in
order to revitalize the poor economic condition of the country for the
better future.
The study will also create avenue for future research.
DEFINITION OF CONCEPTS
Gross
Domestic Product (GDP): This is the sum of the money value of all
locally produced goods and services. It does not include international
transaction. GDP does not make allowance for depreciation of capital.
Gross
National Product (GNP): This is the total money value of current
market prices of all final goods and services produced by the nationals
during a specific period. It includes net income from abroad in respect
of the country’s nationals without any consideration for depreciation
of capital.
National Domestic Product (NDP): This is the total value
of all goods and services produced in a country in a period of time. It
exclude the value of the net earnings and incomes from abroad. An
allowance being made for depreciation of capital.
Net National
Product (NNP): This is the monetary value of all goods and
services produced within the country during a specific period. It
includes net incomes and earning from abroad and provision being made
for the replacement of depreciation of capital.
Disposable Income
(DPI): This is the amount of money per year that private sector are
free to spend when depreciation of capital, all taxes, all net profits
made by firms but not paid out as divided are added to the disposable
and transfer payment subtracted. We arrive at gross national product.
Net
Economic Welfare (NEW): This examines those factors
not considered when calculating the Gross National Product (GNP). Such
factors include social cost 9pollution) and leisure time the net
economic welfare tend to remove the product (GNP). A nation might have a
very high GNP at a very great social cost as pollution, rising crime
etc.
Per Capita Income (PCI) This is the gross domestic product
divided by the population of the country. Per capita income can be
calculated once the population and gross domestic product are known. So
that P.C.I = GDP
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