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ANDEAN COMMUNITY: The Andean Community (CAN) is a subregional organization endowed with an international legal status, which is made up of Bolivia, Colombia, Ecuador, Peru and Venezuela. The main objectives of the Andean Community are to promote the balanced and harmonious development of the member countries under equitable conditions, to boost their growth through integration and economic and social cooperation and to enhance participation in the regional integration process with a view to the progressive formation of a Latin American common market. The Andean Community started operating on August 1, 1997 with a General Secretariat, whose headquarters are in Lima (Peru), as its executive body.

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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP Page: 16 of 25

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

Calculating GDP from the resource side is based on the fact that ALL revenue received by the business sector is paid to or claimed by a factor of production.

Factor payments and the productive factors are:

    • Wages are paid to labor.
    • Interest is paid to capital.
    • Rent is paid to land.
    • Profit is paid to entrepreneurship.
  • Official government names are compensation to employees (wages) and corporate profit (profit).
  • Proprietors' income is a combination of wages, interest, rent and profit, collected by the owner of a proprietorship.

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FACTOR DEMAND DETERMINANTS

The three most important determinants that shift the factor demand curve are: (1) product price, (2) factor productivity, and (3) prices of other factors. Comparable to any determinant, these three cause the factor demand curve to shift to a new location. An increase in factor demand is a rightward shift of the factor demand curve and a decrease in factor demand is a leftward shift.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?

The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"Laughter is the shortest distance between two people. "

-- Victor Borge, musician, humorist

BPEA
Brookings Papers on Economic Activity
A PEDestrian's Guide
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