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ECS3704 Assignment 1 Semester 1 2023 (211581) Questions and Answer {Distinction A+}

National Income Accounting - -Measurement of the national economy's performance, dealing with the overall economy's output and income -Gross Domestic Product (GDP) - -Total dollar value of all fina... l goods and services produced in a nation in a single year -Net Exports - -difference between what the nation sells to other countries and what it buys from other countries -Depreciation - -loss of value because of wear and tear to durable goods and capital goods -Net Domestic Product (NDP) - -value of the nation's total output (GDP) minus the total value lost through depreciation on equipment -National Income (NI) - -total income earned by everyone in the economy -Personal Income (NI) - -total income that [Show More]

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