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Explain five uses of National Income Statistics.
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Aug 3, 2021
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Business Studies Form 3
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anonymous
Explain five uses of National Income Statistics.
national income
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Aug 3, 2021
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Indicates the standard of living: e.g higher NI means higher standards of living and low NI may mean lower standard of living
Compares standards of living: a country with high NI is assumed to economically better than another with low NI
Assess the performance of the economy overtime: measure performance of a country over time/determine a countries economic development, a country with higher NI is said to be more developed
Assists the government in planning the economy
Making investment decision by revealing growing and declining sectors
Helps to solicit for aids /Grants
Makes it possible to determine the extent of dependence on external trade
Used in preparing annual National estimates for taxation purposes
Trade unions use data to bargain for better salaries used to compare the welfare of people over time
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