Sales receipt exists in everyday life one person

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Unformatted text preview: nsaction record of the transaction A gardener works for cash, and no and sales receipt exists. sales receipt exists. In everyday life, one person makes a payment to another usually in exchange for a good or service. For example, Enrique may pay Harriet $40 to buy her old CD player. When the government makes a payment to someone, it often does not get a good or service in exchange. When this happens, the payment is said to be a government transfer Some nonmarket goods and services nonmarket goods and services A family member cooks, cleans, family member cooks, leans, and mows the lawn. and mows the lawn. Sales of used goods You buy a used car. buy used car. Stock transactions and other inancial Stock transactions and other financial transactions transactions You buy You buy 100 shares of stock in shares of tock in a company. company. Government transfer payments payments Frank Simmons receives a Social rank Simmons ocial Security check. Security check. Section 1 National Income Accounting 291 11 (286-309) EMC Chap 11 EXHIBIT 11- 4 11/17/05 6:05 PM Page 292 Gross National Product Does Not Equal Gross Equal Gross Domestic Product Prod...
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This document was uploaded on 01/16/2014.

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