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LEISURE: The portion of time workers and other people spend not being compensative for work performed when they actively engaged in the production of goods and services. In other words, this is the time people sent off the job. Leisure activities can include resting at home, working around the house (without compensation), engaging in leisure activities (such as weekend sports, watching movies), or even sleeping. Leisure time pursuits becomes increasingly important for economies as they become more highly developed. As technological advances reduce the amount of time people need to spend working to generate a given level of income, they have more freedom to pursue leisure activities. Not only does this promote sales of industries that provide leisure related goods (sports, entertainment, etc.) it also triggers an interesting labor-leisure tradeoff and what is termed the backward-bending labor supply curve.

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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP Page: 15 of 25

Topic: Expenditures <=PAGE BACK | PAGE NEXT=>

The four sectors of the economy buy ALL current economic production and when aggregated give us GDP.

The four sectors and their expenditures:

  1. Household: Consumption (C).
  2. Business: Investment (I).
  3. Government: Government Expenditures (G).
  4. Foreign: Net Exports (X-M), the difference between Exports (X) and Imports (I).
Expenditures on GDP: GDP = C + I + G + (X-M)
  • C, I and G buy not just domestic goods and services, but also imports.
  • When we aggregate C, I, G and X we have domestic production plus imports. To measure only domestic production, we subtract imports (M).

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AD VALOREM TAX

A tax specified as a percentage of the price or value of a good, service, asset, or other activity. Ad valorem taxes tend to be broad based, imposed on activities such as income and retail sales. In fact, the two most important ad valorem taxes are income taxes and sales taxes. People pay a percentage of their incomes in income taxes or a percentage or the value of their purchases in sales taxes, regardless of the amount of time spent working or the quantities of goods purchases. An alternative is a per unit tax, with is a tax specified as a percentage of the physical quantity of a good.

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Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for high interest rates.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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