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DOMESTIC SECTOR: The combination of the households, businesses, and governments of a particular nation that undertake consumption and production activity within the political boundaries of that nation. The key point of contrast with the domestic sector is the foreign sector, activity beyond the political boundaries of a nation.

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

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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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INJECTIONS LINE

A graphical representation of the relation between the level of aggregate production and one or more injections. The three injections (non-consumption expenditures on aggregate production) are investment expenditures, government purchases and exports. The injections line sequentially adds, or layers, each of these three expenditures depending on the number of sectors used in the analysis (two, three, or four). The slope of the injections line depends on which if any of the expenditures are induced by aggregate production. The injections line is combined with the leakages line (containing saving, taxes, and imports) in the Keynesian injections-leakages model.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for broken fingernail clippers.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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