piigsty

A term that has entered back into every day eco-speak is ‘national income‘ which quantifies the size of an economy. Its defined as the total income earned by permanent residents of a country in a year OR the total value of economic output produced over a year OR the total spend on output…

Pretty flexible definition then! Each has its pros and cons but ALL are important to know.

Heres the PDF PIIGSTY Econ 101 #24 National Income

These figures can all be very useful but there are also limitations to measuring an economy…

This entry was posted on Thursday, December 1st, 2011 at 23:28 and is filed under Economics 101. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.