lecture #2 - Agenda National Income Accounting The...

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1 2-1 The Measurement and Structure of the National Economy 2-2 Agenda National Income Accounting Gross Domestic Product Saving and Wealth Real GDP, Price Indexes, and Inflation Interest Rates 2-3 National Income Accounting The national income and product accounts are an accounting framework used to measure current economic activity. 2-4 National Income Accounting 3 different approaches give identical results: ¾ Product approach : the dollar amount of output produced. ¾ Income approach : the dollar incomes generated by production. ¾ Expenditure approach : the dollar amount spent by purchasers.
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