ECO 372 Week 2 Individual Fundamentals of Macroeconomics Paper - 90390

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Macro Economics is a study which is concerned with the economy as a whole and the level of total output which is also referred to as national income is a very important variable in any economy. National income measures the value of an output produced in an economy over a period of time and the policy makers should be aware of the level of economic activity taking place within the country on behalf of the nationals. One of the most important objectives of the government is to increase the level of the rate of economic growth which is possible only be measuring the national income. The main uses of the national income statistics are: 1. It shows the current allocation of resources, 2. It helps the government in economic planning, 3. It helps measures the country’s standard of living, and 4. It helps in the comparison of the living standard between different countries. There are some important concepts of National Income such as Gross Domestic Product, Gross National product, net National product and The GDP per capita...
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Macro Economics is a study which is concerned with the economy as a whole and the level of total output which is also referred to as national income is a very important variab