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National Income
- 1. Measuring a Nation’s Income
- 6. The Economy’s Income and Expenditure When judging whether the economy is doing well or poorly, it is natural to look at the total income that everyone in the economy is earning.
- 8. The Circular-Flow Diagram The equality of income and expenditure can be illustrated with the circular-flow diagram .
- 9. The Circular-Flow Diagram Firms Households Market for Factors of Production Market for Goods and Services Spending Revenue Wages, rent, and profit Income Goods & Services sold Goods & Services bought Labor, land, and capital Inputs for production
- 27. What Is Counted in GDP? GDP includes all items produced in the economy and sold legally in markets.
- 33. Real versus Nominal GDP An accurate view of the economy requires adjusting nominal to real GDP by using the GDP deflator.
- 34. Real and Nominal GDP
- 35. Real and Nominal GDP
- 36. Real and Nominal GDP
- 37. Real and Nominal GDP
- 41. Approaches to Measurement of National Income Circular flow of income arises out of the process of activity chain in which: Production creates income ; Income generates spending ; Spending induces production