L5: Circular Flow Model and Living Standards Flashcards
1
Q
G.N.I
A
Gross national income
2
Q
G.D.P
A
Gross Domestic Product
3
Q
G.N.E
A
Gross National Expenditure
4
Q
What is meant by economic activity
A
To the volume of production, income and expenditure
5
Q
Flows of Two Sector Circular Flow Model
A
Flow 1 - Resouces
Flow 2 - Income
Flow 3 - Expenditure
Flow 4 - Production
6
Q
Types of living standards
A
Material: refers to access to goods and services
Non-Material: refer to the quality of our daily lives
