Unit 3.1(1): Measuring the level of economic activity
This page covers the nature of macroeconomic activity, national income, the circular flow model and measuring GDP and GNI. National income is the monetary value of a country's output of final goods and services produced in one year. Economic activity is where scarce resources are allocated to produce goods and services to satisfy human wants. Macroeconomics is the study of economic activity from a whole-economy...