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LABOR: One of the four basic categories of resources, or factors of production (the other three are capital, land, and entrepreneurship). Labor is the services and efforts of humans that are used for production. While labor is commonly thought of as those who work in factories, it includes all human efforts (except entrepreneurship), such as those provided by clerical workers, technicians, professionals, managers, and even company presidents.

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Lesson 11: Circular Flow | Unit 3: Government Page: 13 of 22

Topic: Government Purchases <=PAGE BACK | PAGE NEXT=>

Government spending is divided into government purchases of GDP and transfer payments.
  • Transfer payments include welfare to the poor, unemployment compensation, and Social Security benefits.
  • Transfer payments are like negative taxes, but flow from the government sector to the household sector.
  • The circular tax flow is the net tax flow from households to government, taxes minus transfer payments.
  • Government purchases are the green flow from the government sector to the product markets.
  • As an expenditure on GDP, government purchases are comparable to consumption by the household sector and investment by the business sector.

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INVESTMENT

The sacrifice of current benefits or rewards to pursue an activity with expectations of greater future benefits or rewards. Investment is the mechanism used to increase the economy's production capabilities and generate economic growth. Investment is typically used to mean the purchase of capital by business in anticipation of profit, which is termed investment expenditures.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a flea market wanting to buy either a revolving spice rack or a how-to book on home repairs. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"There is no point at which you can say, „Well, I'm successful now. I might as well take a nap.¾"

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