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'National Income statistics are a powerful tool of economic understanding and analysis' Explain 'An economy's output is its income' Do you agree Explain?
Wiki User
∙ 12y ago
national income measures the wealthy that exists in an economy.national income statistics wl determine national output under the fomular:output=income=expenditure!however the appropriateness of national income ar a measure of output is compromised by the weaknesses inherent in obtaining national income data!national income disregards underground economy or the black market which as a result economies that constitute a significant amount of such markets would have an understated national income figure thus its true measure of national out put wl nt be realised if these statistics are used!
Wiki User
∙ 12y ago
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Which department is concerned with the efficient use of your national resources in order to create a more productive economy?
The department that is concerned with the efficient use of your national resources in order to create a more productive economy is the Bureau of Economic Analysis. This provides economic statistics including the GDP.
When was Bureau of Economic Analysis created?
Bureau of Economic Analysis was created in 1972.
What are The three pillars of economic analysis?
The three pillars of economic analysis are the choice, scarcity & coordination.
Uses of national income statistics?
National income statistics are used to: > measure the level of economic growth from year to year. > These can be used to compare the standard of living in one country with another. (because they are international stats) > These statistics can be used to evaluate the economic climate nationally and internationally. > Statistics allow the Government to plan and forecast as they can see how much income each sector in a country is generating. > They can be used to justify changes in expenditure and cut-backs, i.e. Increase in wages for a sector that is generating a large percentage income for the economy.
What is an economic analysis?
economic analysis is a analysis of current economic and financial status ,if iam going to make one project that will contribute on the welfare of our nation means economic analysis will help us to select and design the project for example government use eonomic analysis for detrminig the finantial status of our nation
Which department is concerned with the efficient use of your national resources in order to create a more productive economy?
The department that is concerned with the efficient use of your national resources in order to create a more productive economy is the Bureau of Economic Analysis. This provides economic statistics including the GDP.
What has the author Ya-lun Chou written?
Ya-lun Chou has written: 'Probability and statistics for decision making' -- subject(s): Probabilities, Statistical decision, Statistics 'Applied business and economic statistics' -- subject(s): Statistics 'Statistical analysis, with business and economic applications' -- subject(s): Statistics 'Modern business statistics' -- subject(s): Commercial statistics, Economics, Statistical methods, Statistics
Importance of macroeconomics in brief?
1.to understand the working of the economy 2.in economic polices 3.formulating appropriate policy 4.in national income 5.analysis of monetory problems 6.in business cycle 7.for understanding behaviour of individual unit
When was Foundations of Economic Analysis created?
Foundations of Economic Analysis was created in 1947.
When was Bureau of Economic Analysis created?
Bureau of Economic Analysis was created in 1972.
What has the author William Nelson Peach written?
William Nelson Peach has written: 'Basic data of the American economy' -- subject(s): Statistics, Economic conditions 'The energy outlook for the 1980's' -- subject(s): Power resources, Petroleum industry and trade 'Source notes and explanations to County building block data for regional analysis' -- subject(s): Statistics 'The security affiliates of national banks' -- subject(s): Securities, Banking law, National banks, National banks (United States)
What should an economist be good at to be an economist?
An economist should be skilled in data analysis, critical thinking, and problem-solving. They should also have a strong understanding of economic theory and principles to analyze and interpret complex economic issues. Strong communication skills are also vital to effectively communicate economic findings and recommendations.
What are The three pillars of economic analysis?
The three pillars of economic analysis are the choice, scarcity & coordination.
Uses of national income statistics?
National income statistics are used to: > measure the level of economic growth from year to year. > These can be used to compare the standard of living in one country with another. (because they are international stats) > These statistics can be used to evaluate the economic climate nationally and internationally. > Statistics allow the Government to plan and forecast as they can see how much income each sector in a country is generating. > They can be used to justify changes in expenditure and cut-backs, i.e. Increase in wages for a sector that is generating a large percentage income for the economy.
What is an economic analysis?
economic analysis is a analysis of current economic and financial status ,if iam going to make one project that will contribute on the welfare of our nation means economic analysis will help us to select and design the project for example government use eonomic analysis for detrminig the finantial status of our nation
What is the economic data indicator?
An economic indicator (or business indicator) is a statistic about the economy. Economic indicators allow analysis of economic performance and predictions of future performance. One application of economic indicators is the study of business cycles. Economic indicators include various indices, earnings reports, and economic summaries. Examples: unemployment rate, quits rate, housing starts, Consumer Price Index (a measure for inflation), Consumer Leverage Ratio, industrial production, bankruptcies, Gross Domestic Product, broadband internet penetration, retail sales, stock market prices, money supply changes. The leading business cycle dating committee in the United States of America is the National Bureau of Economic Research (private). The Bureau of Labor Statistics is the principal fact-finding agency for the U.S. government in the field of labor economics and statistics. Other producers of economic indicators includes the United States Census Bureau and United States Bureau of Economic Analysis.
What are the major purposeof input output analysis?
Input-output analysis is a method used to study the interdependencies between different sectors of the economy. Its major purposes include understanding how changes in one sector affect others, identifying key sectors for economic development, and assessing the overall economic impact of policy changes or external shocks. This analysis can help governments and businesses make informed decisions to promote economic growth and stability.
