Define the following terms showing how they are calculated: Gross Domestic Product Gross Domestic Income Operating Surplus/mixed-income Disposable Income Gross Gross and net savings
Define the following terms showing how they are calculated:
Gross Domestic Product
Gross Domestic Income
Operating Surplus/mixed-income
Disposable Income Gross
Gross and net savings
Macroeconomic variables: Macroeconomics is a branch of economics concerned with the study of an economy as a whole. The study of macroeconomics also helps in identifying and solving various important economic issues such as unemployment, inflation, etc. It studies the aggregate level in the economy like the aggregate demand, aggregate supply, overall inflation level, etc. All the variables that are used to determine the state of the economy are known as macroeconomic variables.
All the economic terms that are asked in the question are related to macroeconomics as all these terms are studied in the context of the entire economy and not for individual entities.
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