Question

Define the following
a) Capital Goods
b)Cross Domestic Product
c)Flow Variables
d)Income from property and entrepreneurship
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Answer 1

Explanation:

a)Capital goods are physical assets that a company uses in the process to manufacture products and services that consumers will later use. Capital goods include fixed assets, such as buildings, machinery, equipment, vehicles, and tools.

b)Gross domestic product is a monetary measure of the market value of all the final goods and services produced in a specific time period.

c)A variable whose value depends on a period of time rather than an instant, example being the gross domestic product.

d)The entrepreneurial income for a corporation, quasi-corporation, or institutional unit owning an unincorporated enterprise engaged in market production is its operating surplus or mixed income plus property income receivable on the financial or other assets owned by the enterprise, minus interest payable.

Answer 2

Answer:

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Explanation:

1) Capital Goods=

Goods that are used in producing other goods, Rather than being bought by Consumers.

2) Gross domestic product=

The total value of goods produce and services provided in a country during 1 year.

3) Flow variables=

A variable whose values depend on a period of time rather than an instant, this is called as Flow variables.

4) Income from property and entrepreneurship=

It refers to differences between Income from property and entrepreneurship, received by residents of the country and similar payments made to the Non-residents.