Recall the Application about the size of Wal-Mart to answer the following question(s). During 2008, Wal-Mart's sales were approximately $374 billion, or roughly 2.6 percent of U.S. GDP, and its cost of sales was $286 billion.
-In listing both the amount and cost of Wal-Mart's 2008 sales, this Application is addressing the economic concept of

Question

Quizplus · Accepted Answer

The application is addressing the economic concept of value added because it provides information on Wal-Mart's sales revenue and cost of sales. Value added is calculated by subtracting the cost of goods sold from the total revenue earned by a firm, and provides a measure of the value that the firm has added to the economy through its production activities.

Recall the Application About the Size of Wal-Mart to Answer