UNIT 13 CLASSIFICATION OF

ECONOMIC TRANSACTIONS
AND TRANSACTORS
Structure
13.0 Objectives
13.1 Introduction
13.2 Purpose of Classifying the Transactions and Transactors
13.3 Classification of Economic Transactions Relating to Total Supply of
Goods and Services and Producers
13.4 Classification of Transactions Relating to Uses of Final Output
13.5 Classification of Transactions Relating to the Flow of Income and its
Disposition
13.6 Classification of Income Receivers
13.7 Let Us Sum Up
13.8 Key Words
13.9 Some Useful Books
13.10 Answers or Hints to Check Your Progress Exercises

13.0 OBJECTIVES
After going through this unit, you would be able to:
z describe the relationship between transactors and transactions;
z discuss the role and purpose of classification of economic activities and
transactors; and
z explain the classification of total output from the viewpoint of producers,
users and income receivers.

13.1 INTRODUCTION
In any macro economic system, three basic ‘flows’ are found very crucial.
These relate to “products”, “final expenditures” or “disposition of total product”,
and “incomes” generated. These flows are the result of the multitude of
transactions, which take place through purchases and sales of goods and
services. These also include purchase and sale of factor services like labour
and capital.
All those who perform these economic transactions are known as transactors.
They are closely related to each other and can be further disaggregated. This
requires an elaborate classification of the transactors operating in the economy.
What is the nature of the basic linkages between the main flows of transactions
and the transactors is discussed on the following sections. 1
Classification of Economic
Transactions 13.2 PURPOSE OF CLASSIFYING THE
TRANSACTIONS AND TRANSACTORS
The classification of the economic transactions and transactors can be useful
in many ways. Some of important uses of such a classification are discussed
below:
First, disaggregated figures as compared to aggregated figures give a better
analytical understanding of the economy. For instance, if the national output
falls, aggregate data do not tell us which units of production are responsible
for the fall in output.
Second, the disaggregated analysis can help better in formulating economic
policies required for increasing national output and managing the macro
economy.
Third, the classified accounts, in general, help in the preparation of activity
accounts through the use of the principle of double entry accounting system.
As a result, the different types of inter-relationships emerging out of the process
of disaggregation through classification can help in understanding the basic
structure of the modern economic system.
Given the important merits, it is useful to classify the economic transactions
and transactors into broad classes. This can be done from the point of view of
total supply of output, the final uses or the disposition of total output, and also
from the perspective of income receivers. We first take up the total supply of
goods and services, domestic production, and producers.
Check Your Progress 1
1) Draw a distinction between a transactor and a transaction.
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2) What are the advantages of classifying the transactions and transactors
into groups?
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13.3 CLASSIFICATION OF ECONOMIC

TRANSACTIONS RELATING TO TOTAL
SUPPLY OF GOODS AND SERVICES AND
PRODUCERS
Broadly speaking, there are two groups of transactors, domestic and foreign.
They undertake different types of economic activities. Domestic transactors
2 include consumers, producers and the government. They also engage in
transactions with foreign transactors. All such foreign transactors are treated Classification of
Economic Transactions
as a separate sector, known as ‘rest of the world’ sector. These sectors contribute and Transactors
towards total supply of goods and services in a given period of time. This
implies total output comes from two sources: domestic production (supplied
by the resident producers), and imports (supplied by the rest of the world).
Both sources are discussed in detail on the following pages:
a) Output emerging from domestic producers and production: Goods
and services are constantly flowing out of the innumerable units of
production. These producing units can be classified into the following
categories:
b) Industries: Industries are establishments whose activities are intended to
be self-sustaining, whether through production for the market or for own
use. These industries constitute all the establishments who produce goods
and services for sale in the market. The prices would be fixed in a manner
that the cost of production is covered along with a profit margin.
The outputs of industries are termed as commodities. The value of output would
consist of: value of intermediate consumption (non-durable goods and services
that are used of in the process of production), compensation of employees,
cost of capital used, consumption of fixed capital, indirect taxes paid by the
producers less of subsidies.
Industries include the following categories:
i) All the public sector enterprises including departmental enterprises (like
railways, posts and telegraphs, government, forestry etc.) and non-
departmental enterprises (like public sector corporate units);
ii) Private corporate sector enterprises (both financial and non-financial);
iii) Private unincorporated enterprises;
iv) Own account activity of households and private non-profit bodies, such
as, farm produce (including forestry, fishing, hunting, mining etc.) for
self consumption; and
v) Own account construction of dwellings meant for own use.
As per the International Standard Industrial Classification (ISIC) of all economic
activity (1968), the major divisions of industries are as follows:
a) Agriculture, hunting, forestry and fishing
b) Mining and quarrying
c) Manufacturing
d) Electricity, gas and water
e) Construction
f) Wholesale and retail trade and restaurants and hotels
g) Transport, storage and communications
h) Financing, insurance, real estate and business services and
i) Communities social and personal services. 3
Classification of Economic 2) Producers of Government Service (PGS): This sector consists of all
Transactions
departments, establishments and bodies of the government, including
Central and State Governments, and local bodies. Their activities may be
classified into the following:
i) Production of collective services: Collective services of the
government include wide range of activities, which can be classified
into the following categories:
a) General public services including general administration, external
affairs, public order and safety and general research; (b) Defence;
(c) Education; (d) Health; (e) Social security and welfare services;
(f) Housing; (g) Community and social services; (h) Economic
services like railway transport, post and telegraph and telephone
services etc.; (i) Other services, such as public debt transactions;
transfers of general character to other governments services in the
periods of national disasters; Others not classified elsewhere.
ii) Production of commodities: In some countries, the government itself
produces commodities. However, the scale of such services varies
significantly. Many governments own and control arm and
ammunition factories, building and road construction,
telecommunication, rail and air services etc. Since these activities of
the government administrative departments are meant for sale to the
public at some price, they are termed as “commodities”.
3) Producers of Private Non-profit Services to Households (PPNSH):
This sector consists of voluntary organisations or associations of
individuals, who have organised themselves to carry on some specific
activities to serve the interests of the households. These agencies may
comprise trade unions; churches; charitable institutions; religious and
spiritual organisations; research, development and scientific institutions;
recreational centres; professional organisations, schools, hospitals, etc.
They may be incorporated or unincorporated.
These producers generally provide services to households on non-profit
or below the cost to the household. Their production is not termed as
‘commodities’. However, in some cases, PPNSH may also produce goods
and services for sale in the market at a price, which would cover the cost
of production. These goods may include books, periodicals, pamphlets
etc. which is essential for sick and disabled persons.
4) Producers of other Domestic Services to Households (DSH): These
services include services provided by domestic servants; maidservants;
gardeners, driving schools etc. Since there is no evaluation of their costs,
their services are not treated as commodities. These are considered other
goods and services and the values of the output is considered to consist of
compensation of employees.
a) Output emerging out of the Transactions with the rest of the
world (imports): Like domestic production, imports can be classified
into: (i) Commodities and; (ii) Other goods and services. Imports of
“other goods and services” include two types of services.
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 b) Direct purchases abroad by resident households. This would include Classification of
Economic Transactions
such purchases as made by tourists, travelling businessmen and and Transactors
government officials, crews, border and seasonal workers and
diplomatic and military personnel stationed abroad. Their purchases
include goods purchased in the rest of the world on the spot or brought
into the country of residence and of services including local
transportation.
It should be made clear that in case of resident households, all
purchases made abroad irrespective of the nature of goods or services
purchased become part of the inputs of “other goods and services”.
c) Direct purchases abroad by government agencies on current account.
These include purchases for the government’s extra-territorial bodies,
such as embassies, consulates etc. The direct purchases made by
government on capital account (durable capital goods) form part of
imports of commodities.
All other expenditures on imports of goods and services (other than direct
purchases abroad made by the resident households and producers of government
services of the given country) are accounted for in the imports of “commodities”.
They include imports of merchandise as well as other services like
transportation, insurance, handling and other services. Imports of all the
commodities are evaluated at c.i.f. value, i.e. cost of goods plus insurance and
freight charges.
On the basis of above discussions, total supply of goods and services can be
classified into “commodities” and “other goods and services”.
Commodities constitute (i) gross domestic outputs contributed by industries,
producers of government services and producers of private non-profit services
to households and, (ii) imports. The imports include, imports of merchandise
c.i.f., transport and communication services by non-resident carriers, insurance
services, direct purchases abroad on capital account, Miscellaneous
commodities (like repair charges, management and consultation fees,
advertising fees, gifts in kind, etc.), and adjustments of merchandise imports
to change of ownership basis.
Other goods and services constitute (i) gross domestic output produced by
PGS, PPNSH, and DSH and (ii) imports comprising direct purchases abroad
by resident households and by producers of government services.
It may be mentioned that one has to take out the value of inputs (intermediate
consumption) for all the producers of goods and services produced and made
available in the economy out of the total output to work out the value added.

Disposition of total supply: intermediate consumption and final uses

Intermediate Consumption
a) Intermediate Consumption by Non-Financial Industrial
Establishments: Intermediate consumption covers non-durable goods and
services used up in production, including repair and maintenance, research
and development and exploration cost. It also includes indirect outlays
on financing capital formation, such as flotation costs for loans and transfer 5
Classification of Economic costs involved in the purchase and sale of intangible assets and financial
Transactions
claims.
Intermediate consumption is, as for as possible, valued at purchasers’
values at the moment of use. That is, it takes into account cost incurred on
the goods and services to the point of delivery to the consuming
establishment.
The non-financial industries themselves use a significant part of the total
supply of goods and services as intermediate consumption. This refers to
non-durable goods and services, which are used up in the process of
production. Non-durable goods may have an expected lifetime of use of
less than a year.
In case of industries, the intermediate consumption would consist of
commodities either produced by domestic industries, or obtained from
imports. All expenditures on such goods and services incurred by industrial
units, which are meant to be provided to employees with an intention to
provide them benefits should be treated as compensation of employees.
They should not be considered as expenditure on intermediate
consumption. But expenditures incurred on travelling, entertainment and
on other such items meant for the promotion of business should be treated
as intermediate consumption.
Expenditures on minor repairs and maintenance of fixed assets, which
are not supposed to lengthen the life of a fixed asset, should be treated as
intermediate consumption. Expenses on major repairs expected to lengthen
the life of the fixed assets are treated as expenditure on fixed capital
formation.
Commodities consumed in research, development and exploratory
activities of industries, by convention, form part of intermediate
consumption because producer is not sure of some concrete benefits that
would emerge out of such activities. A similar approach is followed in
respect of expenditure on advertising market research, and public relation
activities.
b) Intermediate Consumption By Financial Establishment: Financial
establishments include: (i) banks and other intermediaries and (ii) those
entities handling insurance and pension funds. Banks and other financial
intermediaries earn incomes in two ways:
First, they charge to certain services to their customers, such as, collection
charges in respect of cheques, discounting charges in respect of bank drafts
etc.
Second, they earn from the difference between the interest receipts on
loans and advances given by them and the interest payments made by
them on the deposits of their customers.
With a view to attracting deposits they render many banking services to
their customers free of cost. It, therefore, becomes necessary to impute
service charges. The imputed value of service charges is taken as a
difference between the interest receipt and the interest paid by the banks.
Thus, the total value of their output is taken as the sum of the exact service
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charges received by them and imputed value of service charges. Their
 intermediate consumption is represented by their current expenditure Classification of
Economic Transactions
exclusive of factor payments. The gross value of outputs of banks and and Transactors
other financial intermediates becomes intermediate consumption of non-
financial industrial establishments.
In the case of insurance (casualty), intermediate consumption amounts to
current expenditure exclusive of factor payments. The value of output is
taken as the difference between the premiums received and the claims
paid. For life insurance, the service charges is considered equal to the
excess of premiums received over the sums of claims paid and the net
addition to actuarial reserves.
In the case of pension funds, service charge is taken as equal to the
administrative expenses of these funds.
c) Intermediate consumption in respect of PGS, PPNSH and DSH: The
intermediate consumption of PGS and PPNSH consists the following four
items. One, purchases of goods and services on current account less sales
of similar second-hand goods and scraps and wastes. Two, value of goods
in kind received as transfers or gifts from foreign governments, except
those received for distribution to households without renovation or
alteration. Three, durable goods acquired primarily for military purposes.
Four, goods and services paid for by the government but furnished by
private suppliers to individuals, provided that the individuals have no
choice of supplier.
Governments also make purchases of strategic materials and goods of special
importance to the nation. Such purchases are treated as capital formation in
the form of addition to stocks and not as intermediate consumption. All
purchases for military purposes by the PGS are treated as intermediate
consumption even if they are like these of durable fixed assets. This is because
PGS do not use them for production of goods and services for sale on the
market. However, family dwellings for military personnel, defence office
buildings etc. should not be treated as intermediate consumption but as fixed
capital formation. Construction of schools, hospitals, airfields, or roads for
use by the armed forces are treated as intermediate consumption, though these
facilities might be put to civilian use at times also.
The intermediate consumption of PGS would consist of both ‘Commodities’
and ‘Other goods and services’. ‘Commodities are obtained from industries,
from imports and also from PPNSH. “Other goods and services” in case of
PGS comprise direct purchases abroad by government on current account.
Intermediate consumption of PPNSH may consist of “Commodities” purchases
from industries from imports, and from PGS.
In case of DSH, there is no intermediate consumption of “commodities”. In
this case, there is no difference in the value of total output, product and net
output.
Given the information on the goods and services and intermediate
consumption, Gross Domestic Product can be worked out in two ways:
i) Gross value of outputs (measured at producers prices) emerging from
industries, PGS, PPNSH and DSH, minus the value of intermediate
consumption at purchasers prices plus indirect taxes less of subsidies. 7
Classification of Economic ii) Gross value of output measured at approximate basic value plus indirect
Transactions
taxes net of subsidies at the aggregated domestic level minus intermediate
consumption measured at purchaser prices.
Check Your Progress 2
1) Name the different transactors involved in total supply of goods and
services.
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2) Who are the key domestic producers in an economy from the viewpoint
of national income accounts?
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3) Describe the important economic activities included in industries as a
producing sector.
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13.4 CLASSIFICATION OF TRANSACTIONS

RELATING TO USES OF FINAL OUTPUT
After having discussed the sources of the total supply of and the suppliers of
commodities and other goods and services, it may be important to discuss the
uses and the users of the total supply of goods and services.
Final users: These would include: (1) consumers of the domestic economy
comprising government bodies, resident households, and private non profit
bodies; (2) producers of domestic economy comprising industries, producers
of government services and producers of private non profit services to
households; (3) residents of the given country.
Use of final goods and services: It is also known as disposition of final output.
This can be looked at both as gross domestic product and, as total supply of
8 final goods and services. The uses of gross domestic product are: (1) Final
consumption expenditure; (2) gross capital formation constituting fixed assets Classification of
Economic Transactions
and addition to the stocks; (3) net exports (exports minus imports). The details and Transactors
of these uses are given below:
Final consumption expenditure: The domestic final consumption is made
up of the actual consumption expenditure of resident households, government
bodies and Private non-profit institutions serving households. It is measured
at purchasers prices.
The expenditure on final consumption of the households includes their outlays
on non-durable and durable goods and services (like medical care, education,
entertainment etc.) measured at purchasers prices reduced by net sales of
second-hand goods and of scraps and wastes. Such expenditure also includes
agriculture goods produced for self-consumption, imputed gross rent of owner-
occupied dwellings, and payments made as wages and salaries by an employer,
such as food, shelter or clothing and other fringe benefits. The employers’
expenditures on employees in respect of recreational, educational, and medical
services has to be excluded from the final consumption of the households.
Final Consumption of Government (PGS) and Private Non-Profit Bodies
(PPNSH): PGS and PPNSH produce a variety of goods and services. Their
consumption expenditure is measured as the total services they produce for
their own use and is valued at cost.
Government final consumption expenditure is equal to the service produced
by general government for its own use. Since these services are not sold, they
are valued in the gross domestic product at their cost to the government.
The expenditure of private non-profit institutions serving households includes
purchases and the value of transfers of goods and services received in kind,
compensation of employees, consumption of fixed capital, and indirect taxes
paid by these institutions, less their sales of goods and services.
Gross domestic capital formation (GDCF): GDCF is the sum of the gross
domestic fixed capital formation (GDFCF) and increases in stocks with the
producers within the domestic territory of the country. GDFCF include
purchases and own-account production of new producers durable goods,
reduced by net sales to the rest of world of similar second-hand and scrapped
goods. Fixed assets are durable goods whose lifetime of use is at least one
year. GFCF out of domestic production inside the country would include the
outlays on the following items. These are: additions to the stocks of fixed
assets; on major repairs maintenance and alterations which are expected to
extend the life of the assets; on improvement of land, reclamation, extension
of timber tracts, mines, plantations, orchards, and similar agricultural holdings
and, on breeding stocks, draught animals; dairy coffee etc.
Exports of goods and services: Exports are valued f.o.b. (free on board),
whereas imports are valued c.i.f.(cost, insurance, and freight). In other words,
f.o.b. values of exports include costs (like export duties, loading charges etc.),
of transporting the goods up to the customs frontier of the exporting country.
C.i.f. values of imports would mean import values include all charges like
cost, insurance, and freight, which are to be met by exporters up to the customs
frontier of the importing country.

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Classification of Economic Check Your Progress 3
Transactions
1) How total supply of goods and services or gross domestic product is
disposed off in an economy?

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2) Discuss the term intermediate consumption. What would be included in

the intermediate consumption for producers of government services and
private non-profit services to households?

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3) Write brief notes on (i) private final consumption expenditure and

(ii) gross capital formation, as final uses of gross output.

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13.5 CLASSIFICATION OF TRANSACTIONS

RELATING TO THE FLOW OF INCOME
AND ITS DISPOSITION
It is evident from the above pages that resident producers can be classified as
industries, government, private non-profit services, and domestic service
providers. Similarly, gross supply of goods and services comprises domestic
production and imports, which can be further classified into commodities and
other goods and services.
In addition, there can be a third way of looking at the output, that is, output as
a flow of income. This flow can be seen as a flow passing between producers
and the suppliers of factors of production. Accordingly, gross incomes measured
at market prices originating in the production process is the sum of incomes
10 received in the domestic economy. It would consist of Compensation of
employees, operating surplus and withdrawals from entrepreneurial incomes, Classification of
Economic Transactions
consumption of fixed capital, and excess of indirect taxes over subsidies. These and Transactors
are discussed in detail below:
1) Compensation of employees: In national accounting, employees are the
recipients of the income termed as compensation of employees. Employees
include persons engaged in the activities of incorporated enterprises,
government services (including members of the armed forces) private
non-profit institutions and incorporated business properties of incorporated
enterprises. Unpaid family members are excluded from the scope of
employees.
Compensation of employees includes: (a) wages and salaries in cash as
well as in kind; (b) employers contributions to social security schemes;
(c) employers’ contribution to private pension, family allowances,
contribution to health and other casualty insurance, life insurance etc.
2) Operating surplus and withdrawals from entrepreneurial incomes:
Operating surplus is an income component and, it originates only in the
case of industries. Other producers of the economy like PGS and PPNSH,
do not have any operating surplus.
Operating surplus at factor cost is estimated as producers value of outputs
of industries minus values of intermediate consumption (measured at
purchaser’s prices) minus compensation of employees. Including indirect
taxes and duties, one would get operating surplus at market prices.
3) Consumption of fixed capital: Consumption of fixed capital represents
loss of fixed capital due to its use in the production processes. It is a
measure of that part of gross product, which is set aside in every accounting
year as an allowance for normal wear and tear, foreseen obsolescence and
probable accidental damage to fixed capital not made good by repair.
Damages due to abnormal natural calamities, unforeseen obsolescence,
and depletion of natural resources etc. are to be considered as capital
losses and would not form part of capital consumption. These would appear
as changes in the balance sheet.
Consumption of fixed capital is attributable to all the fixed assets of
industries, PGS and PPNSH. However, on practical grounds, consumption
of fixed capital is not provided for certain fixed assets of the PGS like
roads, dams, backwaters or similar construction assets. Data in respect of
these are not easily available. Therefore, in case of such government assets,
it is assumed that normal repairs and maintenance expenditures are able
to keep government repairs capital in fact.
4) Indirect taxes: These taxes are defined as taxes chargeable to the cost of
production or sale of goods and services. They include: (a) import and
export duties, (b) excise, sales, entertainment and turnover taxes, (c) real
state, and land taxes, (d) levies on value added the employment of labour,
(e) motor-vehicle, driving test, license, airport and passport fees, and (f)
the operating surplus of government fiscal monopolies.

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Classification of Economic
Transactions 13.6 CLASSIFICATION OF INCOME RECEIVERS
It has been noticed above that receiving sectors are the domestic economic
agents, who supply their factor services. Income receiving sectors are classified
on institutional basis. The important reasons for undertaking such a
classification is to take care of multiple production activities of one corporate
unit. Institutional sectoring, therefore, helps in accounting for all the financial
flows of the system. They can be classified in the following manner:
1) Non-financial enterprises – corporate and quasi corporate: It comprises
public sector enterprises, non-financial corporate enterprises like
corporations and joint stock companies, all large unincorporated public
and private enterprises etc.
2) Financial institutions including central bank, public and private banks,
insurance companies and all other entities engaged in financial
transactions.
3) General government including central, state and local level governments.
4) Private non profit institutions serving households: These include all those
institutions, which furnish services relating to education, health, culture,
recreation, and other social and community services.
5) Household including private non-financial unincorporated enterprises:
This category comprises all those households who are employees, or
involved in agricultural and non-agricultural activities, or partnership firms
not included in the category of non financial enterprises (item 1).
Check Your Progress 4
1) Explain how transactions are classified to indicate output as flow of
income.
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2) List out the income receiving domestic economic sectors.
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3) Explain how total supply of goods and services or gross domestic product
is disposed off in an economy.

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 ................................................................................................................... Classification of
Economic Transactions
................................................................................................................... and Transactors

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4) Discuss the term intermediate consumption. What would be included in
the intermediate consumption for producers of government services and
private non-profit services to households?
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13.7 LET US SUM UP

The total supply of goods and services comprises total outputs plus imports.
In the production process, the suppliers of goods and services are: industries;
producers of government services (PGS); producers of private non-profit
services to households (PPNSH); and producers of domestic services (DSH);
and the rest of the world sector. The first four are the domestic suppliers whereas
the last sector deals with the imports and exports of goods and services of the
given country. It is known as the rest of the world.
On the basis of above discussions, total supply of goods and services can be
classified into “commodities” and “other goods and services.
When we deduct from the total supply (i.e. output) the goods and services
going as intermediate consumption, the remaining part of the output is available
for final uses. Intermediate consumption includes those goods and services,
which are used by the producers of goods and services, as their inputs.
Intermediate consumption is required for production of goods and services by
industries, PGS, and PPNSH.
The total supply of goods and services is made available to the country for
final uses. The final users are industries, resident households, government and
private non-profit bodies. The final uses are consumption by residents, gross
domestic capital formation, and exports.
It may be stated that final uses are made on the basis of incomes earned by the
resident economic agents for the supply of their factor shares. The receivers of
such incomes are classified as non-financial enterprises – corporate and quasi-
corporate; financial institutions; general government; private non-profit
institutions servicing households, and households including private non-
financial incorporated enterprises.
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Classification of Economic
Transactions 13.8 KEY WORDS
Compensation of Employees : This can be used both as a domestic as well as
national concept. As a domestic concept, it refers to the compensation of
employees paid by resident producers. This includes payments to non-resident
employees working in the country but excludes payments to resident employees
temporarily working abroad. As a national concept, compensation received by
residents households from domestic producers and that received from the rest
of world are gathered together.
Gross Capital Formation : It is the sum of the increase in stocks and gross
fixed capital formation.
Gross output of Goods and Services : It covers both the value of goods and
services produced for sale, and the value of goods and services produced for
own use.
Intermediate Consumption : It covers non-durable goods and services used
up in production, including repair and maintenance, research and development
and exploration costs.
Operating Surplus : It is defined as the excess of value added over the sum of
compensation of employees, consumption of fixed capital, and net indirect
taxes.
Private Final Consumption Expenditure : It is the sum of final consumption
expenditure of households and that of private non-profit institutions serving
households.
Value Added of Industries : Value added of industries at producers prices is
equal to the gross output of the industries at producers prices less the value of
their intermediate consumption at purchasers prices.

13.9 SOME USEFUL BOOKS

Beckman, Wilfred, 1980. An Introduction to National Income Analysis,
Wiedenfeld and Nicolson: London (Chapters 5 )
Lal. Ram N, (1985) The System of National Accounts and Material Balances,
Allied Publishers Pvt Ltd, Delhi.
National Accounts Statistics – Sources and Methods, April 1989, Central
Statistical Organisation (CSO), Government of India.
National Accounts Statistics, 1998, Central Statistical Organisation (CSO),
Government of India
United Nations, 1995. National Accounts Statistics – Main Aggregates and
Detailed Tables. Part II and I, New York.

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 Classification of
13.10 ANSWERS OR HINTS TO CHECK YOUR Economic Transactions
and Transactors
PROGRESS EXERCISES
Check Your Progress 1
1) See section 13.2
2) See section 13.2
Check Your Progress 2
1) See section 13.3
2) See section 13.3
3) See section 13.3
Check Your Progress 3
1) See section 13.4
2) See section 13.4
3) See section 13.4
Check Your Progress 4
1) See section 13.5
2) See section 13.6
3) See section 13.5
4) See section 13.6

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