Topic 23: The National Economy
Introduction to National Income
Introduction The total output of goods and services produced by a country is given importance by economists and governments due to its influence on the national economy. The higher the total ou…
Topic 23: The National Economy
The National Income
Definition National Income refers to the total money value of the output of goods and services produced by the factors of production owned by a particular country over a one-year period. M…
Topic 23: The National Economy
The Circular Flow of Income
Definition The Circular Flow of Income (CFI) refers to the continuous circulation of income and expenditure among the economic agents. A Closed Economy The following illustrates the C…
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Topic 23: The National Economy
Economic Policy
Definition Economic Policy refers to the strategies and measures adopted by the government to manage the economy as a means of achieving its economic objectives. The Economic Objectives …
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