things i got basically wrong
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27 Terms
what is #1
costs
what is 2
Land, Labor, Capital, Entrepreneurship
what is 3
rent, wages, interest, profits
what is 4
land, labor, capital, entrepeneurship
what is 5
goods and services
what is 6
consumption expenses
what is 7
goods and services
what is 8
revenues
what is a
buy resources, sell goods
what is b
households sell, businesses buy
what is c
sell resources, buy goods
what is d
households buy, businesses sell
how do you calculate gdp (expenditure)
c + i + g +xn
Xn means
(net exports - net imports)
deflation formula (for multiple goods)
nominal value / cpi ratio
cpi ratio formula
cpi current year / cpi base year
deflation formula (for just one good)
(nominal gdp / real gdp) x 100
growth rate formula
(new real gdp - old real gdp / old real gdp) x 100
c means
consumer consumption
i means
gross domestic investment
g means
government spending
how do you calculate gdp (income)
multiply total hours worked times labor productivity
what is the four factors of production
land, labor, capital, and entrepreneurship
what is capital
man-made durable items that aid production of a good (includes technological software additonally to machinary)
what is land
natural sources needed and used to produce a product
what is labor
human labor used to produce a product
what is entrepreneurship
the leaders willing to take the risk to combine the production