PRIN.OF ECON.ACCESS CODE
2nd Edition
ISBN: 9780393691757
Author: Mateer
Publisher: NORTON
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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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20. Factors 01 pro
B. the technological innovations available to companies.
A. the laws that regulate manufacturers.
C. the resources used to create output
D. the waste left over after goods are produced.
21. Table 1.1 shows the tradeoff between different combinations of missile production and home
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of houses in
Number of
missiles
terms of missiles
J
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L
17,000
2
1
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21,000
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PRIN.OF ECON.ACCESS CODE
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