This preview shows page 1. Sign up to view the full content.
Unformatted text preview: nsaction
record of the transaction A gardener works for cash, and no
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 You buy
You buy 100 shares of stock in
shares of tock in
company. Government transfer payments
payments Frank Simmons receives a Social
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 Domestic Product
View Full Document
This document was uploaded on 01/16/2014.
- Winter '14