finical well being

• Income account- records various flows of income alongside amounts either spent or saved
• Financial account- can record financial flows determine net acquisition of financial wealth by sector comprising new saving, borrowing or repayments. Reductions in the flows of borrowing were very important in explaining credit crunch and subsequent deep recession. As Well as a balance sheet which records Stocks of assets and liabilities of individuals or institutions.
• Capital account- looks at flows and stocks of physical assets and liabilities. Records capital flows of various sectors and records the stock of physical wealth held by various sectors
• National balance sheet- measure of wealth of a country, shows composition of a country's wealth and the contribution of each of the main sectors in the economy.
• The balance of a sectors or countries stock of financial and non financial asset over its financial liabilities is known as its net worth
• Current account- CA = X - M  CA = (S-I) + (T-G)