ECON 1000 Midterm: Midterm Notes.docx
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ECON 1000 Full Course Notes
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Households and firms: households sell and firms buy the services of labour, capital and land in factor markets, for these factors, firms pay income to households (cid:224) aggregate income, firms sell and households buy consumer goods and services, the total payment for these (cid:224) consumption expenditure, firms buy and sell capital equipment in the goods markets, some of what firms produce is not sold but is added to inventory, the purchase of new plants, equipment, and buildings, and additions to inventories are investments. Net operating surplus is the sum of all other factor incomes: net interest: interest households receive on loans they make minus the interest households pay on their own borrowing, rental income: payment for the use of land and other rented resources, corporate profits: profits of corporations, proprietors" income: income earned by the owner operation of a business, factor incomes sum to net domestic income at factor cost.
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