GWC N5 Economics National Income and Growth

This occurs when there is an increase in total output of goods and services over a one year period of time using the same or fewer resources.

• National Income
• Econmic Growth
• Circular Flow of Income

This is the value of all goods and services produced in the economy in a year. It measures the economic performance of a country.

• National Income
• Econmic Growth
• Circular Flow of Income

The movement of expenditure, income and output around the economy.

• National Income
• Econmic Growth
• Circular Flow of Income

These are the rewards to the factors of production

• Factor Incomes
• Factor Opportunities
• Factor Rewards

This is spending coming into the circular flow that is not consumer spending

• Savings
• Consumption
• Injections

This is how much consumers demand in goods and services over a period of time

• demand
• consumer spending
• savings

This is spending by firms, normally on capital goods e.g. machinery

• Investments
• Savings
• Consumption

A business organisation

• public sector
• firms

A market is where buyers and sellers come together and agree a price in exchange for a good or service

• false
• true