Apr 30 2012

National economy

Published by at 12:50 pm under

A macroeconomic term referring to the sum of the economic activity undertaken by a nation’s households and firms in the product and resource market in a year. The circular flow model offers a graphical representation, showing the flow of money and resources in a nation. The aggregate demand / aggregate supply model is another graphical representation, showing the average price level, the level of output and the level of total demand and supply for a nation’s output.

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