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From the following description of a small economy determine the following: What is the value added by each member of the economy? What is the
From the following description of a small economy determine the following: What is the value added by each member of the economy? What is the total produced by society (avoid double counting)? What is the value of the creative economy?
- A company produces paint valued at $100
- A company produces an easel valued at $50
- A company produces four canvases valued at $25 each
- A painter uses the paint, easel and all four canvases to produce four paintings each worth $150.
- A museum buys two of these paintings to display. Their museum earns $800 in tickets.
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