Why are the following financial transactions not included in the value of national income? Securities? Government Transfer Payments? Private Transfer Payments?
Illustrate why are second hand goods not included in the value of national income
Why Does National Expenditure = National Output? Why does National Output = National Income? Explain this in terms of understanding of the circular flow
Why does GDP = C + I + G + X = Demand + Expenditure? What types of spending do these four categories represent?