a. The Concepts of GNP, GDP, NI, NNP b. National Income measurements and their problems c. Uses and limitations of national income estimates d. The circular flow of income (two and three-sector models) e. The concepts of consumption, investment and savings f. The multiplier and it effects g. Elementary theory of income determination and equilibrium national income.
Candidates should be able to:
(i) identify the major concepts in national income; (ii) compare the different ways of measuring national income; (iii) examine their problems; (iv) assess the uses and limitations of national income estimates; (v) interpret the circular flow of income using the two and three-sector models; (vi) calculate the various multipliers; (vii) evaluate their effects on equilibrium national income; (viii) explain the concepts of consumption, investment and savings.
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