Abstract
Value added is one of the most basic, and most important, concepts which an economist has to learn, so this chapter explains value added at length, going from a simple ‘model’ economy to the real UK economy and from a simple model of an enterprise to actual enterprise accounts (of the Delta Metal Company). The production of value added and its distribution as income is explained. Depreciation appears again, this time as something which makes the difference between gross and net income.
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© 1982 Dudley Jackson
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Jackson, D. (1982). Output and Income. In: Introduction to Economics: Theory and Data. Palgrave, London. https://doi.org/10.1007/978-1-349-16933-7_2
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DOI: https://doi.org/10.1007/978-1-349-16933-7_2
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-33357-0
Online ISBN: 978-1-349-16933-7
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