[This is part of the series: The Complete Guide To Economics 101.]
What is national income accounting?
National Income Accounting is the terms and rules that measure economic activity on a country by country level.
Nothing complicated.
Think of it as standard practices between countries, much like there are standard accounting practices between businesses under GAAP.
Because what good is there in a country figuring up GDP or unemployment, if every other country is calculating it a different way?
