Various examples of specialized market or retail outlets and the factors that make the web favorable to specialization. Concept Introduction : Specialized Market : is defined as a market in which a focus is on selling a single product.

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Chapter 2, Problem 2.4PA

To determine

Various examples of specialized market or retail outlets and the factors that make the web favorable to specialization.

Concept Introduction:

Specialized Market: is defined as a market in which a focus is on selling a single product.

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1. Suppose an economy produces steel, wheat, and oil. The steel industry produces $80,000 in revenue, spends $4,000 on oil, $8,000 on wheat, pays workers $60,000. The wheat industry produces $120,000 in revenue, spends $20,000 on oil, $10,000 on steel, and pays workers $80,000. The oil industry produces $180,000 in revenue, spends $20,000 on wheat, $20,000 on steel, and pays workers $80,000. There is no government. There are neither exports nor imports, and none of the industries accumulate or deaccumulate inventories. Calculate GDP using the production and income approaches. Please provide what rules/formulas are used to solve this and the final answer.

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