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    Success of Economy

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    How does an economy accounts for its success? Give the different measures of the national income, adjustments that must be made for accuracy, and why accounting is necessary.

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    An economy accounts for its success in three ways. One is the expenditure approach, the other is the income approach and the third is the output approach. The result of accounting through each of the three approaches must be the same. The reason is that the total value of output of goods and services, commonly known as the gross national product must equal the gross ...

    Solution Summary

    This solution gives you different ways in which the economy accounts for success.