{"id":5458,"date":"2019-02-14T10:29:15","date_gmt":"2019-02-14T04:59:15","guid":{"rendered":"http:\/\/astan.lk\/al_virtualclassroom\/?p=5458"},"modified":"2019-02-16T10:19:53","modified_gmt":"2019-02-16T04:49:53","slug":"alternative-approaches-to-national-accounting","status":"publish","type":"post","link":"https:\/\/astan.lk\/al_virtualclassroom\/alternative-approaches-to-national-accounting\/","title":{"rendered":"Alternative Approaches to National Accounting"},"content":{"rendered":"<h3><span style=\"color: #000000;\">There are four main economic agents\/ sectors that contribute to macro economic activity<\/span><\/h3>\n<p>\u2022 Households<br \/>\n\u2022 Business sector \/ Enterprises<br \/>\n\u2022 Government<br \/>\n\u2022 Foreign sector<\/p>\n<ul>\n<li>Macro economic is implemented with the transaction flows of economic sectors.<\/li>\n<li>These transactions flows can be illustrated with a simple diagram.This diagram is named, circular flows of income and expenditure.<\/li>\n<li>\u00a0The economy which is implemented in households and the business sector is treated as a simple economy.<\/li>\n<li>In this simple economy savings is a withdrawal \/ leakage and investments is an injection.<\/li>\n<li>Aggregate income and aggregate expenditure are equal in a simple economy if savings and investments are equal.<\/li>\n<li>The functions of a simple economy can be illustrated with an income and expenditure flow, as savings that is either no savings and investments or there is savings and investments in the economy.<\/li>\n<li>The functions of a closed economy with government intervention to a simple economy<br \/>\ncan also be illustrated with income and expenditure flow and can be illustrated with<br \/>\nincome and expenditure<\/li>\n<li>In a closed economy, total of savings and taxes are the withdrawals and the total of<br \/>\ngovernment purchases and investments are the injections.<\/li>\n<li>When taxes and savings are equal to the investments and government purchases, then<br \/>\nthe aggregate income and aggregate expenditure are equal. That is Y =E.<\/li>\n<li>If all four sectors function in the economy it is explained as illustrated by the<br \/>\nfollowing income and expenditure flow.<\/li>\n<li>Income and expenditure flow of an open economy can be illustrated as follows<\/li>\n<\/ul>\n<p><a class=\"fancybox\" href=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/Untitled-1tytr.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6696\" src=\"http:\/\/astan.lk\/al_virtualclassroom\/wp-content\/uploads\/2017\/01\/Untitled-1tytr-300x259.jpg\" alt=\"Untitled-1tytr\" width=\"375\" height=\"324\" \/><\/a><\/p>\n<ul>\n<li>In an open economy, withdrawals are savings, taxes and imports while<br \/>\ninvestments, government purchases and exports are the injections<\/li>\n<li>When all withdrawals and injections are equal in the open economy, then the<br \/>\naggregate income and expenditure are also equal.<\/li>\n<li>Income and expenditure flow explains, that production flow is equal to income flow,<br \/>\nand income flow is equal to expenditure flow. \u00b7<\/li>\n<li>National income accounting estimates the value of production, income and<br \/>\nexpenditure flows.<\/li>\n<li>Some items should be exchanged in national income accounting<\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\">The following items should be exchanged from National accounting<\/span><\/h3>\n<ul>\n<li><span style=\"color: #000000;\">Transactions in the money market.<\/span><\/li>\n<li><span style=\"color: #000000;\">Exchanged of intermediate goods<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>There are four main economic agents\/ sectors that contribute to macro economic activity \u2022 Households \u2022 Business sector \/ Enterprises \u2022 Government \u2022 Foreign sector Macro economic is implemented with the transaction flows of economic sectors. These transactions flows can be illustrated with a simple diagram.This diagram is named, circular flows of income and expenditure. [&hellip;]<\/p>\n","protected":false},"author":842,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[54,2685],"tags":[],"class_list":["post-5458","post","type-post","status-publish","format-standard","hentry","category-economics","category-unit-4-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Alternative Approaches to National Accounting - Learning &amp; Education Portal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/astan.lk\/al_virtualclassroom\/alternative-approaches-to-national-accounting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alternative Approaches to National Accounting - Learning &amp; Education Portal\" \/>\n<meta property=\"og:description\" content=\"There are four main economic agents\/ sectors that contribute to macro economic activity \u2022 Households \u2022 Business sector \/ Enterprises \u2022 Government \u2022 Foreign sector Macro economic is implemented with the transaction flows of economic sectors. These transactions flows can be illustrated with a simple diagram.This diagram is named, circular flows of income and expenditure. 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