Chapter 8 Self-Review

Chapter 8 Self-Review - Chapter 8 Self-Review 23:06:00...

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Chapter 8 Self-Review 01/04/2008 00:06:00 Total Income     : The yearly amount earned by the nation’s factors of production.  Total income includes wages, rent, interest payments, and profits that are received by  workers, landowners, capital owners, and entrepreneurs, respectively. Final goods and services     : goods and service that are  at their final stage of  production and will not be transformed into yet other goods or services. Gross Domestic Product     : the total market value of all final goods and services  produced by factors of production located within a nation’s borders. Intermediate goods     : Goods used up entirely in the production of final goods. Not counted in GDP Value Added     : the amount of dollar value contributed to a product at each stage of  its production GDP excludes: Financial Transactions:
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This note was uploaded on 11/13/2008 for the course ECON 205 taught by Professor Kamrany during the Spring '07 term at USC.

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Chapter 8 Self-Review - Chapter 8 Self-Review 23:06:00...

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