2.4.1 National Income

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4 Terms

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Circular Flow of Income

An economic model illustrating money flows in an economy.

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Factors of Production

Resources owned by households supplied to firms in exchange for income.

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National Income

The value of an economy's output over a period, calculated by income or expenditure approach.

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Income vs

Income is a flow in the economy, while wealth is a stock of assets for generating income.