How is national income determined? Define each of the segments included in it?
- How is national income determined? Define each of the segments included in it?
Homework Answers
Answer:
national income is the total income generated by goods and services in a country with in a financial year or a period of time. it is the sum total of all goods and services produced.
national income is determined at the point where aggregate demand is equal to the aggregate supply in the economy.
Aggregate demand : is the demand for goods and services in the economy it includes consumption and investment demand in the economy
Aggregate supply: is the total supply of goods and services in the economy with in a year. it includes consumption and savings
the income level of the economy is determined at the point where the aggregate demand (AD) of the economy is fulfilled by the aggregate supply(AS) means where AS=AD
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How is national income determined? Define each of the segments
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