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National Capital Stock
The stock of capital goods, such as buildings and machinery, in the economy that has accumulated over time and is measured at a point in time
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Wealth
The stock of assets which have value at a point in time as distinct from income which is a flow generated over a period of time
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National Wealth
The stock of all goods that exist at a point in time that have value in the economy
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National Income
The flow of new output produced by the economy in a particular time period, ie, one year (same as National Output and National Product)
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National Output
The flow of new output produced by the economy in a particular time period, ie, one year (same as National Income and National Product)
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National Product
The flow of new output produced by the economy in a particular time period, ie, one year (same as National Output and National Income)
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Consumption
Total planned spending by households on consumer goods and services produced within an economy
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Closed Economy
An economy with no international trade
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Saving
Income which is not spent (deferred consumption)
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Withdrawal
A leakage of spending power out of the circular flow of income into the savings, taxation or imports
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Investment
Total planned spending by firms on capital goods produced within the economy
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Injection
Spending entering the circular flow of income as a result of investment, government spending and exports
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Open Economy
An economy open to international trade
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