Topic 23: The National Economy

Introduction to National Income

• Introduction
• Gross Domestic Product 
• Gross National Product 
• Net National Product 

National Income 

• Definition 
• Methods of Measuring the National Income 
• Reasons for Measuring the National Income 
• National Income and General Welfare 

The Circular Flow of Income 

• Definition 
• A Closed Economy 
• A More Realistic Model 
• Injections 
• Leakages 
• Equilibrium 
• The Government Influence on the CFI 

Economic Policy 

• Definition 
• The Economic Objectives 
• Instruments of Economic Policy 
• Confliction in Objectives