Matrices used by the Input-Output model in Economics

Hello everyone!
My post focuses on how matrices can be used in economics, specifically in the input-output model. It relates the columns of the matrices with the value of the inputs of the industries, and the rows with the value of the outputs of the industries, as shown below.

In economics, an input-output model uses a matrix representation of a nation's (or a region's) economy to predict the effect of changes in one industry on others and by consumers, government, and foreign suppliers on the economy.Input-output depicts inter-industry relations of an economy. It shows how the output of one industry is an input to each other industry. Leontief put forward the display of this information in the form of a matrix. A given input is typically enumerated in the column of an industry and its outputs are enumerated in its corresponding row. This format, therefore, shows how dependent each industry is on all others in the economy both as customer of their outputs and as supplier of their inputs. Each column of the input-output matrix reports the monetary value of an industry's inputs and each row represents the value of an industry's outputs. Suppose there are three industries. Column 1 reports the value of inputs to Industry 1 from Industries 1, 2, and 3. Columns 2 and 3 do the same for those industries. Row 1 reports the value of outputs from Industry 1 to Industries 1, 2, and 3. Rows 2 and 3 do the same for the other industries.
Below is a direct example:
Unfortunately, the blog does not read the format of the matrices, so here is the link:http://en.wikipedia.org/wiki/Input-output_model
Check it out yourselves.

The best thing about my application is that the mathematics of the input-output model is straighforward eventhough its requirements are enormous because all the costs, revenues, and expenditures of each brand of economic activity has to be represented.
As a result, not all countries collect the required data and data quality varies, eventhough a set of standards for the data's collection has been set out by the United Nations through its System of National Accounts(SNA): the replacement for the current 1993 SNA standard is pending. Because the data collection and preparation process for the input-output accounts is necessarily labor and computer intensive, input-output tables are often published long after the year data was collected--typically as much as 5-7 years after. Moreover, the economic "snapshot" the benchmark version of the tables provide of the economy's cross-section are taken only once every few years, at best. Although many developed countries estimate input-output accounts annually and with much greater recency.

At least we spot relations between matrices/mathematics and real life.
HOPE YOU LIKE IT!!!
Rolland Al-Ahmar 20091284