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Theme 2: The UK economy: performance and policies
National income
National income, output, and expenditure
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Created by
Lucas B
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Cards (6)
What is national income?
The total
value
of all the goods and services
produced
by a country in a year
How do households stimulate the circular flow of income?
They provide
labour
in return for which they receive
wages
How do people stimulate the circular flow of income?
They use their
incomes
to buy
goods
and
services
What is wealth?
The
value
of the total
assets
of worth owned by an
individual
, firm, or country
What is income?
A
flow
of money received by factors of
production
What is the wealth effect?
When there is a change in the
value
of wealth, there is an impact on people's
spending
and therefore their
incomes
