ECON 248 5.1 The Economy's Income And Expenditure

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4 Terms

1

() measures the total () of everyone in the economy and the total () on all goods and services.

GDP, Income, Expenditure

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2

A general rule regarding the economy is that () must be equal to () as they are basically the same.

Income, Expenditure

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3

GDP can be calculated by () all income or expenditures. Not both at the same time.

Adding Up

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4

In the actual economy, households don’t always () all their income, nor do they () all the goods and services.

Spend, Buy

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