Unit 5 · National accounting

A/L Economics

• Macroeconomic Objectives and the Business Cycle
• The Circular Flow and the Three Approaches
• Preparing for the Output Approach: Final Output and Value Added
• GDP, GNI, Real GDP, the Deflator and Per Capita Income
• GDP by the Income Approach and National Disposable Income
• GDP by the Expenditure Approach, Saving and Total Resources
• Importance and Limitations of National Accounting