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HHI: The common abbreviation for the Herfindahl-Hirshman index (or the Herfindahl index), which is a measure of concentration of the production in an industry that's calculated as the sum of the squares of market shares for each firm. This is an alternative method of summarizing the degree to which an industry is oligopolistic and the relative concentration of market power held by the largest firms in the industry. The Herfindahl index gives a better indication of the relative market control of the largest firms than can be found with the four-firm and eight-firm concentration ratios.

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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.

    BEGIN Lesson =>


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    AGGREGATE MARKET ANALYSIS

    An investigation of macroeconomic phenomena, including unemployment, inflation, business cycles, and stabilization policies, using the aggregate market interaction between aggregate demand, short-run aggregate supply, and long-run aggregate supply. Aggregate market analysis, also termed AS-AD analysis, has been the primary method of macroeconomic analysis since replacing Keynesian economics in the 1980s. Like most economic analysis, aggregate market analysis employs comparative statics, the technique of comparing the equilibrium after a shock with the equilibrium before a shock.

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    APLS

    RED AGGRESSERINE
    [What's This?]

    Today, you are likely to spend a great deal of time at a flea market seeking to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for telephone calls from former employers.
    Your Complete Scope

    This isn't me! What am I?

    In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
    "Always dream and shoot higher than you know how to. Don't bother just to be better than your contemporaries or predecessors. Try to be better than yourself."

    -- William Faulkner, writer

    OAS
    Organization of American States
    A PEDestrian's Guide
    Xtra Credit
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