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12-1The Measurement and Structure of the National Economy2-2Agenda•National Income Accounting•Gross Domestic Product•Saving and Wealth•Real GDP, Price Indexes, and Inflation•Interest Rates2-3National Income Accounting•The national income and product accounts are an accounting framework used to measure current economic activity.2-4National Income Accounting•3 different approaches give identical results:¾Product approach: the dollar amount of output produced.¾Income approach: the dollar incomes generated by production.¾Expenditure approach: the dollar amount spent by purchasers.
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