What is the direction of the flow of income and spending in the circul How do you measure a nation's income? What are the spending components of gdp?

Name: Week 3 Notes Macroeconomics
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Chapter 10: Measuring a Nation's Income if we want to know someone's wellbeing, we ask for their income; same goes for the country --we could ass up national expenditures (national income); every seller earns income Circular Flow of Income and Spending **sans: taxes and government spending **sans : international sector Measuring a Nation's Income: GDP: the final value (intended for the LAST user) of goods and services produced within a country at a certain point in time --value=market value --goods and services=tangibles (food, clothing, cars) and intangibles (haircuts, housecleaning, doctor visits) --produced: CURRENTLY produced; does not include transactions involving items pro