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SubjectPaid lesson

Elements of national accounting

ClassNotes Team 3 MIN READUPDATED 5 JUL 2026

Economics SSS 2 Third Term

WEEK 5

Elements of national accounting

Performance Objectives

Student should be able to:

  1. Define national income.
  2. State the concepts used in national accounting.

Content

Elements of national income accounting

National income accounting may be defined as the ways or means of computing or determining the monetary value of the total volume of goods and services produced or the total income earned in a given country over some time, usually a year.

A proper accounting system will reveal the standard of the economic life of a nation and these calculations give direction to the economic progress of such nations.

Major national income concepts or components

  1. Gross domestic product (GDP): This may be defined as the total…