Expenditure Approach to GDP:
C + Ig + G + Xn
Income Approach to GDP:
(Wages/Compensation/Salary) + Rent + Interest + Profits + Statistical Adjustment
Budget:
Gov't Purchase of Goods/Services + Gov't Transfer Payment - Gov't Tax&Fee Collection
Positive Budget - Deficit
Negative Budget - Surplus
Trade:
Exports - Imports
+ Trade - Surplus
- Trade - Deficit
National Income:
1) Compensation of Employees + Rental Income + Interest Income + Proprietor's Income + Corporate Profits
2) GDP - Indirect Business Taxes - Depreciation - Net Foreign Factor Payment
Disposable Personal Income:
Nat'l Income - Personal Household/Income Taxes + Gov't Transfer Payments
These notes are very helpful and I can always refer back to them. If you would like to further elaborate and make them better, I suggest maybe adding the definition to the different terms that can give a better understanding.
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