Index
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Themes:
- Circular flow of income
- What is GDP and how is it measured?
- Basic identities
Measurement of Economic Activity and Historical Evolution can be done by:
- Inventory
- Accounting
Approaches:
- Keynes defines the main macroeconomic variables to be measured.
- Kuznets proposes a system of national accounts.
Circular flow of income.
Circular flow of income
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Production, intermediate inputs and value added.
Practice by yourself
Stock and flow variables
flow variable (is measured with reference to a period of time) and stock variable (particular point of time) variables.