Recall the Application about the size of Wal-Mart to answer the following question(s). During 2014, Wal-Mart's sales were approximately $473 billion, or roughly 2.7 percent of U.S. GDP, and its cost of sales was $358 billion.
-In listing both the amount and cost of Wal-Mart's 2014 sales, this Application is addressing the economic concept of

Question

Quizplus · Accepted Answer

The application is addressing the economic concept of value added, which is the difference between sales revenue and the cost of goods sold. Wal-Mart's sales were $473 billion and its cost of sales was $358 billion, so its value added was $115 billion ($473 billion - $358 billion).

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