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Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305585126

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BuyFindarrow_forward

Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305585126
Chapter 26.2, Problem 2QQ
Textbook Problem
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Define private saving, public saving, national saving, and investment. How are they related?

To determine
The private savings, public savings and the national savings.

Explanation of Solution

The savings is the revenue left after the spending. There are mainly three types of incomes and they are the Private income, Government income and the National income. The personal income refers to the income of the individual or the consumer. When the personal income tax is paid out of the income of the individual, the remaining part is known as the private savings.

The government savings is the savings left with the government after different spending of the government. The income of the government is the tax revenue collected by the government. The spending of the government includes different spending of the public programs. The remaining portion of the government income after the spending is known as the government savings...

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