Economics Part VII

A system of statistics and accounts that keep tracks of production

consumption

refers to the act of purchasing goods and services in the market

Consumption

expenses incurred by the government for providing services which are essential to the functioning of society

Government Expenditure

a venue for trading factor inputs for production

Input market

a venue for trading final goods and services

Output market

income that is not used for current consumption

Savings

economic activity that forgoes present consumption with the goal of increasing consumption in the future

Investment