If a Timber Yard Sells R₁9 000 of Timber to a Carpenter

question 59

True/False

If a timber yard sells r₁9 000 of timber to a carpenter and the carpenter uses the timber to build a wooden house which he sells for R95 000, the contribution to GDP is r₁14 000.

Recognize the legal rights involved in finding and holding onto property.

Comprehend the elements of bailment and how they relate to contract elements.

Distinguish between real and personal property and the significance of their classification.

Gain insight into how property rights and interests are legally defined and protected.

---

Definitions:

Marginal Product

The additional output generated by employing one more unit of a particular input, holding all other inputs constant.

Market Comparison

The analysis and evaluation of a company's performance, products, or services against those of its competitors within the same industry or market.

Marginal Product

The additional output produced by employing one more unit of a specific factor of production, keeping other inputs constant.

Equilibrium Quantity

The level of output at which the quantity supplied equals the quantity demanded, reflecting a market balance between sellers and buyers.