how can calculate national income
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National income measures the monetary value of the flow of output of goods and services produced in an economy over a period of time
Measuring the level and rate of growth of national income (Y) is important for keeping track of:
The rate of economic growth
Changes to living standards
Changes to the distribution of incomebetween groups within the population
Measuring the level and rate of growth of national income (Y) is important for keeping track of:
The rate of economic growth
Changes to living standards
Changes to the distribution of incomebetween groups within the population
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