ECON 2202 Lecture 3: Ch1.1 Introduction

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31 May 2019
School
Department
Course
Professor
Coconut producer
Total revenue $20m
Wages $5m
Interest on loan $ 0.5m
Taxes $1.5m
Restaurant
Total revenue $30m
Cost of coconuts $12m
Wages $4m
Taxes $3m
After tax profits $11m
Consumers
Wages: 5+4+5.5=14.5m
Taxes: 5.5-3-1.5=1m
Interest income: 0.5
Profit distributed: 24
Government
Wages $5.5 m
Tax revenue $5.5m
Using the product approach
Coconut Producer 20
Restaurant 30-12=18 difference between output and input
Government: 5.5m=wages
GDP: 43.5m
Using the expenditure approach
Total spending on all final goods
Consumption: 8(raw coconut 20-12=8 )+30(coconut by
restaurant)
Government services 5.5
GDP: 43.5
Lecture1
Tuesday, September 4, 2018
11:19 AM
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