Edexcel A Level · 9EC0 · Theme 2: The UK economy: performance and policies
2.4.1 National Income
Also Edexcel AS 8EC0
Everything you need for questions on national income, in the words examiners reward. An interactive seven-step lesson goes with it.
What's on this sheet
- The circular flow of income
- What national income is
- Nominal vs real national income
- Income vs wealth
- A classic chain
- Classic question: does a rise in nominal income mean people are better off?
- Side 2: practice tasks, where the marks go, and exam-style questions
- Separate answer key
The lesson in seven steps
- Follow the money
- Output = income = expenditure
- Strip out the inflation
- The calculation trainer
- Better off? Income or wealth?
- Build the chain
- Exam practice
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