{"id":2621,"date":"2023-02-19T03:47:26","date_gmt":"2023-02-19T03:47:26","guid":{"rendered":"https:\/\/www.goodacademic.com\/blog\/questions\/economics-need-it-now\/"},"modified":"2023-02-19T03:47:26","modified_gmt":"2023-02-19T03:47:26","slug":"economics-need-it-now","status":"publish","type":"questions","link":"https:\/\/www.goodacademic.com\/blog\/questions\/economics-need-it-now\/","title":{"rendered":"Economics-Need it now"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>Consider an economy with three firms:&nbsp;<\/p>\n<p>\u2022 Firm 1 sells $75 of steel to Firm 3. From its earnings, it pays $25 in wages and keeps $50 in profits.<\/p>\n<p>&nbsp;\u2022 Firm 2 sells $30 of rubber to Firm 3. Firm 2 pays $10 in wages and keeps $20 in profits.&nbsp;<\/p>\n<p>\u2022 Firm 3 sells $240 of cars to households. It pays for its inputs (from Firm 1 and Firm 2); keeps one third of its remaining earnings as profits,and pays two thirds in wages. Let\u2019s calculate GDP various ways.&nbsp;<\/p>\n<p>(a) What is the final value of goods and services?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Consider an economy with three firms:&nbsp; \u2022 Firm 1 sells $75 of steel to Firm 3. From its earnings, it pays $25 in wages and keeps $50 in profits. &nbsp;\u2022 Firm 2 sells $30 of rubber to Firm 3. Firm 2 pays $10 in wages and keeps $20 in profits.&nbsp; \u2022 Firm 3 sells [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","meta":[],"disciplines":[223],"paper_types":[],"tagged":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions\/2621"}],"collection":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions"}],"about":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/types\/questions"}],"author":[{"embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/comments?post=2621"}],"version-history":[{"count":0,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions\/2621\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/media?parent=2621"}],"wp:term":[{"taxonomy":"disciplines","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/disciplines?post=2621"},{"taxonomy":"paper_types","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/paper_types?post=2621"},{"taxonomy":"tagged","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/tagged?post=2621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}