Economic output
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Economic output
Literally, economic output can be defined as "the productivity of a country or region measured by the value of goods and services produced"[1]. Economic output can also be regarded as the 'measurable' part of the economic impact of investment project such as a spatial development, which in turn can be viewed in terms of business output, value added, wealth et cetera (see clickable map below). The term 'measurable' refers to the fact that the economic output statistics do not tell the whole story since there are also output elements that are difficult (or impossible) to measure such as the opportunity costs of security measures[2].
Types of economic output
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Notice that the public income and public expenditures are included while they also could be considered to be "˜financial output". Furthermore, the various measures of economic impact are overlapping[3]. An increase in business activity, for example, will generate income for its employees, profit for its owners and tax income for the public authorities. For this reason, the different measures cannot be added together to calculate the total economic impact.
Related subjects
Footnotes and references
- ↑ Wiktionary.org http://en.wiktionary.org/wiki/economic_output
- ↑ When people out of precaution measures a taxi instead of a bus, they also do this for other motivative reasons such as comfortability
- ↑ B. and G. Weisbrod (1997). Measuring economic impacts of projects and programs. Economic Development Research Group.
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