National income accounts identity
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National income accounts identity is the equation showing that GDP is the sum of consumption, investment, government purchases, and net exports. National saving]]. A nation's income minus consumption and government purchases; the sum of private and public saving. Natural rate of unemployment]]. The steady-state rate of unemployment; the rate of unemployment toward which the economy gravitates in the long run.
Definition
According to Macroeconomics by Mankiw (7th edition),
- National income accounts identity. The equation showing that GDP is the sum of consumption, investment, government purchases, and net exports. National saving]]. A nation's income minus consumption and government purchases; the sum of private and public saving. Natural rate of unemployment]]. The steady-state rate of unemployment; the rate of unemployment toward which the economy gravitates in the long run.
