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4 cards from this section. Quick, good the night before a test.
What does the circular flow of income represent?
Think about who earns the income and who spends it.
Name the three methods of calculating national income.
Remember the acronyms 'PEI' for Product, Expenditure, Income.
What is the circular flow of income?
Think about the relationship between producers and consumers.
Which method sums value added at each production stage?
Remember the method that emphasizes production.
If a nation reports a GDP of $1 trillion but has many informal sectors unaccounted for, how might this influence real economic conditions?
Consider what happens when data does not fully capture the economy.
Explain how an increase in household spending can lead to a rise in national income through the circular flow model.
Think about the relationship between production and income.
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