~~~b - Chapter 7 The Product of a Nation - many thought...

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Chapter 7 The Product of a Nation - many thought that economic prosperity was best measured by the stock of precious metals a nation accumulated in the public treasury - 18 th century, Francois Quesnay became the first to measure economic activity as a flow - 1758, he published Tableau Economique , which described the circular flow of output and income through different sectors of the economy - National income accounting system - organizes huge quantities of data collected from a variety of sources across America National Income Accounts o gross domestic product - (GDP) measures the market value of all final goods and services produced during a year by resources located in the United States, regardless of who owns the resources o gross national product - (GNP) used until 1992, measured the market value of all goods and services produced by resources supplied by U.S. residents and firms, regardless of the location of the resources o national income accounts is based on simple fact that one person’s
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This note was uploaded on 05/10/2008 for the course ECN 101 taught by Professor Sawdy during the Fall '06 term at Providence College.

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~~~b - Chapter 7 The Product of a Nation - many thought...

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