Assume an economy is producing only one product and that year 1 is the base year.Output and price data for a five-year period are as follows:
-Refer to the information above to answer this question.What is the price index for year 3?
Definitions:
Factor of Production
Resources used in the creation of goods and services, traditionally categorized into land, labor, and capital.
Input
A good or service used to produce another good or service.
Factor Distribution
The way in which income and wealth are shared among different factors of production, such as labor and capital.
Income
The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as a profit from financial investments.
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