Intro: Production, Income Spending

A flow is something measured over a period of time.

• True

• False

A stock is something measured at a specific point in time.

• True

• False

A flow doesn't change quickly.

• True

• False

1. Stock changes over time and helps us see trends.

• True

• False

Wealth: How much money or assets a person or country has at a certain time.

• Stock

• Flow

Population: The number of people in a country on a specific date.

• Stock

• Flow

The process of creating goods and services.

• Production

• Income

• Spending

Combines resources like labor, capital, and land.

• Production

• Income

• Spending

Example: Wages (labor), rent (land), interest (capital), profit (entrepreneurship).

• Production

• Income

• Spending

The money or rewards people and firms get for their work or investments.

• Production

• Income

• Spending