Macro - national Income Flashcards
1
Q
The circular flow of income
A
It shows the spending on goods and services and the economies Income
2
Q
Income
A
Measures the total value of goods/services produced in a year
3
Q
Wealth
A
The stock of assets
4
Q
what is the difference between income and wealth?
A
Income is seen as a flow of money, whereas wealth is seen as a stock of assets.
