Into To Economics Notes: National Income Accounting

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National Income Accounting

Income approche .... (I need to add more info for the income approche. I missed the first half of class.)

GDPi=S+

Expenditure Approch

GDPe=C+I+G+(X-M)

Netexports=X-M

-Doublecounting-
In national income acounting doubleconting is conting an item more than once..

-intermediat product-
An output of one firm or industry that is used as an input for an onther industry.

-final product-
The product that is intended for final use.

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