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IMPORT: Goods and services produced by the foreign sector and purchased by the domestic economy. In other words, imports are goods purchased from other countries. The United States, for example, buys a lot of the stuff produced within the boundaries of other countries, including bananas, coffee, cars, chocolate, computers, and, well, a lot of other products. Imports, together with exports, are the essence of foreign trade--goods and services that are traded among the citizens of different nations. Imports and exports are frequently combined into a single term, net exports (exports minus imports).
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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP
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Page: 11 of 25
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Economic production that involves market transactions is the foundation of GDP. This is area E. It is combined with area B to measure GDP. A summary of measuring GDP: - Start with all market transactions of record.
- Toss out past and future production in Slice A.
- Add the estimated value of nonmarket 'in-kind' production in Slice B.
- Don't include the value of nonmarket production in chunk C and the value of illegal production in chunk D.
- Combine areas B and E for the final tabulation of GDP.
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MIXED ECONOMY An economy, or economic system, that relies on both markets and governments to allocate resources. Every economy in the real world regardless of their common designation (such as capitalism, socialism, or communism) make use of both markets and governments and is technically a mixed economy.
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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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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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IADB
Inter-American Development Bank
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