2.4.1 National Income
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Last updated 8:37 AM on 7/30/24
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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.
Flashcards (22)