Economic output
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Economic output
Literally, economic output can be defined as "the productivity of a country or region measured by the value of goods and services produced"[1]. Economic output can also be regarded as the 'measurable' part of the economic impact of an urban project development, which in turn can be viewed in terms of business output, value added, wealth et cetera (see clickable map below). The term 'measurable' refers to the fact that the statistical and economic models used to measure the economic output are limited because they are based on models that are by definition simplified versions of the truth.
Types of economic output
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Notice that the public income and public expenditures are included while they also could be considered to be "˜financial output". Furthermore, the various measures of economic impact are overlapping[2]. An increase in business activity, for example, will generate income for its employees, profit for its owners and tax income for the public authorities. For this reason, the different measures cannot be added together to calculate the total economic impact.
Related subjects
Footnotes and references
- ↑ Wiktionary.org http://en.wiktionary.org/wiki/economic_output
- ↑ B. and G. Weisbrod (1997). Measuring economic impacts of projects and programs. Economic Development Research Group.
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