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Gross Domestic Product
Beginning of essay
The is one of the important tools used to measure a nation’s productivity and output. It is a “scorecard” that can be used to measure one year’s output against another, or even to compare one nation‘s economic output (as long as the formula’s limitations are recognized) to another’s.
Components o ....
Middle of essay
....r current consumption. Physical capital, i.e., buildings and new machine, are a large part of this component. (McEachern, 154)
Government Purchases
Government purchases are defined as government consumption of goods and services and gross investment. For instance, the expenditures incurred by government for employee salaries, court expenses, road repairs, etc. It should be added that transfer payments are not included in the definition of government purchases, because they are not “earned.... |
| Number of words: 647 |
Approximate pages: 3 |
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