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CASH: the common term for paper currency and metal coins components of the money supply. Cash includes the foldable green paper with portraits of famous dead people, and those shiny metal discs with raised imprints of famous dead people. Cash is often divided into the "cash in circulation" which is what the nonbank public uses for purchases, and "vault cash" which is what banks have stashed away in the large, highly-secured, vaults. Cash in circulation is part of the money supply. Vault cash is part of bank reserves.
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Lesson Contents
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Unit 1: Measuring Production |
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Unit 2: Looking Behind GDP |
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Unit 3: Two Views of GDP |
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Unit 4: Measuring Income |
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Unit 5: Issues | |
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Gross Domestic Product
This lesson investigates one of the most noted and important measures of macroeconomic activity -- gross domestic product (GDP). GDP measures the total production of goods and services that, in principle, are available to satisfy consumers wants and needs. We see the ins and outs of the GDP measure. As a bonus, we also get a close look at several related measures of production and income, including net domestic product (NDP), national income (NI), personal income (PI), and disposable income (PI). - In the first unit of this lesson, we take a look at the process of measuring gross domestic product, including what, in principle, is being measure.
- The second unit the turns to a detailed look at what IS included in GDP and what IS NOT included in the GDP based on the difference between market transactions and economic production.
- With the third unit we take a look at the two views of measuring GDP -- expenditures and resource costs.
- Moving on to the fourth unit, we get a look at the three related measures of income -- national income, personal income, and disposable income.
- And finally, the fifth unit considers a few issues related to measuring GDP, including what BDP does measure and what GDP doesn't measure.
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PEAK The transition of a business-cycle expansion to a business-cycle contraction. The end of an expansion carries this descriptive term of peak, or the highest level of economic reached in recent times. A peak is one of two turning points. The other, the transition from contraction to expansion, is a trough. Turning points are important because they represent the transition from bad to good or good to bad.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. " -- George Allen, U.S. senator
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WTO
World Trade Organization
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