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Today's Index
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268.1
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Which good is best exchanged through a market?
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NET DOMESTIC PRODUCT: The total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. Net domestic product, usually abbreviated NDP, is one of five key National Income and Product Accounts measures reported regularly (every three months) by the Bureau of Economic Analysis. The other four measures are gross domestic product, national income, personal income, and disposable income. Net domestic product has largely replaced a comparable term, net national production.
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Lesson Contents
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Unit 1: Price Taker |
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Unit 2: Short-Run Output |
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Unit 3: Doing Graphs |
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Unit 4: Long-Run Equilibrium |
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Unit 5: Evaluation | |
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Perfect Competition
- The first unit of this lesson, Price Taker, begins this study with a look at the general structure of a perfectly competitive market.
- In the second unit, Short-Run Output, we take a look at the short-run production decision faced by a perfectly competitive firm based on the cost and revenue numbers.
- The third unit, Doing Graphs, then looks at the short-run production decision faced by a perfectly competitive firm using a graphical analysis of cost and revenue.
- In the fourth unit, Long-Run Equilibrium, we examine the nature of long-run adjustment by a perfectly competition industry when all inputs are variable.
- The fifth and final unit, Evaluation, then closes this lesson by considering the pros and cons of a perfectly competitive industry.
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AGGREGATE MARKET An economic model relating the price level and real production that is used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, but adapted to the macroeconomy, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers). Also known by the names AS-AD model or income-price model, the aggregate market is THE cornerstone model of macroeconomic analysis.
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State of the ECONOMY
Personal Income
December 2009 U.S. Census Bureau
Up 0.4% from Nov. 2009
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for slightly overweight pizza delivery guys.
Your Complete Scope
This isn't me! What am I?
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"Do you want to be safe and good, or do you want to take a chance and be great?" -- Jimmy Johnson, Football Coach
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JEL
Journal of Economic Literature
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