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Concepts, uses and limitations of national income accounts… Economics is divided into microeconomics and macroeconomics. Micro, meaning small is concerned with a section of part of an economy, the study of a particular market, the behavior of households and businesses. Macro, or large, means the whole economy is studied, e.g. the output of all industries, the total unemployment in the country, the economic growth of the nation and so on. The circular flow of income: National income is the sum total of all final goods and services produced in a year and measured in money terms. Because it is measured over time, national income is a “flow”. A “stock” is a measure at a point of time / at the moment; a “flow” is a measure over a period of time. Wealth is a stock concept: it is the sum total of all things of an economic value at a point of time.
Approximate Word count = 590
Approximate Pages = 2.4
(250 words per page double spaced)
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