Directions : Define each of the terms below and evaluate...

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ECO201—Module 3 Terminology Directions : Define each of the terms below and evaluate the significance of each term to the topics presented within the textbook. Chapter 8 Term Definition Significance National income accounting Total income Final goods and services Gross domestic product (GDP) Intermediate goods Value added Expenditure approach Income approach Durable consumer goods Nondurable consumer goods Services Gross private domestic investment

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