So far the circular flow of income and expenditure has been shown in the case of a closed economy...
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Importance of Circular flow of income
The concept of the circular flow gives a clear-cut picture of the economy. We can know whether the...
Say’s law of demand / propositions and implications of...
Say’s law of markets is the core the classical theory of employment. An early 19th century...
Identity Between materail performance and material welfare
Income and Product Aggregates and Social Welfare The material performance and the welfare of a...
Relation between GDP and welfare and its limitations
GDP and Welfare Real GDP is considered as an index of welfare of the people. Welfare of the people...
Two sector of circular flow
The circular flow of income and expenditure refers to the process where by the national income and...
Three sector model of circular flow in closed economy.
So far we have been working on the circular flow of a two-sector model of an economy. To this we...
Aggregates of national income and product in a country
Importance of National Income Data All the countries, whether rich or poor, try to make estimates...
The different methods for the computation of GNP
Measurement of National Product and Income There has been vast development in the field of...
The Necessity of Aggregative Approach and its limitations
Necessity of Aggregative Approach It is true that micro approach for a long time dominated the...