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Unformatted text preview: other countries) M = imports (from another country), X - M =net exports INCOME TRANSFERS--payments to individuals for which no current goods or services are exchanged (social security, welfare, unemployment, veterans benefits, head start program, public housing) PRODUCTIVITY--output per unit of input (labor hour);-labor quality improves with education and skill training;-these investments in "human capital" yield more productivity-World View p. 33 shows education gap of rich vs. poor FACTOR MOBILITY--our agility in reallocating resources from one industry to another EXTERNALITIES--cost or benefit of a market activity borne by a third party; also called "spillovers" About 75% of U.S. output consists of services NOT goods!! Forms of business ownership: 1 sole proprietorships: ~ 72 % as a #; do ~6% of sales 2 partnerships: ~8% as a #; have ~13% of sales 3 corporations: ~20% as a #; do 81% of sales...
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- Spring '11
- Gross Domestic Product (GDP)