Principles of Economics (Second Edition)
2nd Edition
ISBN: 9780393614077
Author: coppock, Lee; Mateer, Dirk
Publisher: W. W. Norton & Company
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Question
Chapter 19, Problem 1QFR
To determine
To explain:
The relationship between output and income for both an individual and an entire economy.
Expert Solution & Answer
Explanation of Solution
An individual's output and income are the total goods manufactured or the total work performed by the individual, and the income is the wages received for the work done. At the same time, an economy's output and income is the aggregate of the output and income of each person in a community or a country.
Economics Concept Introduction
Income:
Income is money (or some similar value) received by a person or company in return for the provision for a product or service or the investment of capital. The total sum of all the production of goods and services in the economy of an entity is called an economic output.
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Chapter 19 Solutions
Principles of Economics (Second Edition)
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