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April 24, 2018 

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URBANIZATION ECONOMIES: A reduction in production cost the results when diverse activities are located in a concentrated urban area. Urbanization economies applied to all types of activities that benefit from assorted urban "amenities" such as public utilities, government services, information services that are inclined to experience decreasing average cost with large scale production. If, for example, a city has sufficient demand for a more efficiency, larger scale electrical generation plant, then everyone can benefit from lower electricity rates.

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Lesson Contents
Unit 1: Measuring Production
  • An Indicator
  • Total Market Value
  • Final Goods and Services
  • Given Year
  • Unit 1 Summary
  • Unit 2: Looking Behind GDP
  • Ins and Outs
  • Past and Future
  • Estimated Value
  • Home Production
  • Illegal Goods
  • GDP
  • Real GDP
  • Unit 2 Summary
  • Unit 3: Two Views of GDP
  • Demand and Supply
  • Expenditures
  • Resources
  • Unit 3 Summary
  • Unit 4: Measuring Income
  • National Income
  • Personal Income
  • IEBNR
  • IRBNE
  • Unit 4 Summary
  • Unit 5: Issues
  • What It Does
  • What It Doesn't Do
  • Unit 5 Summary
  • Course Home
    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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    ASSUMPTIONS, KEYNESIAN ECONOMICS

    The macroeconomic study of Keynesian economics relies on three key assumptions--rigid prices, effective demand, and savings-investment determinants. First, rigid or inflexible prices prevent some markets from achieving equilibrium in the short run. Second, effective demand means that consumption expenditures are based on actual income, not full employment or equilibrium income. Lastly, important savings and investment determinants include income, expectations, and other influences beyond the interest rate. These three assumptions imply that the economy can achieve a short-run equilibrium at less than full-employment production.

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    Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for infected paper cuts.
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    In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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