Wrong answers Flashcards
1
Q
Define national income.
A
Total spending on goods.
2
Q
What is the circular flow of income?
A
The flow of money within an economy between consumers and firms including injections into and withdrawals from.
3
Q
What are purchasing power parities?
A
Comparision between countries of the rate of currency converted to another to buy the same amount of goods.
4
Q
What is real income?
A
Money from wages, adjusted for inflation.
5
Q
A
