________ and services, such as KFC's chicken, are those acquired for further processing and resale.
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Aggregate income
________ is the sum of all the revenue earned by the economy's resource suppliers.
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income method
According to the ________, the value- added at all stages adds up to the market value of the final item, and the value contributed for all final goods adds up to GDP.
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Tableau Économique
He published his ________ in 1758, which depicted the cyclical movement of output and revenue through various sectors of the economy.
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François Quesnay
________ was the first to measure economic activity as a flow in the second part of the 18th century.
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Consumption
________ encompasses both nondurable and durable items, as well as services such as dry cleaning, haircuts, and air travel.
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Mercantilism
________ resulted in trade restrictions, which had the unintended consequence of decreasing the profits from comparative advantage.
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eventual user
Who buys the product determines whether the sale is to the ________.
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cost of a Hershey Bar
The ________ represents the earnings of resource providers along the route.
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Double-counting
mistakes of including both the value of intermediate products and the value of final products in calculating gross domestic product; counting the same product more than once
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Investment
purchase of new plants, new equipment, new buildings, and new residences, plus net additions to inventories
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Flashcard (94)