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April 17, 2024 

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LABOR FORCE: The total number of people willing and able to exert mental and/or physical efforts in productive activities. In principle, this is everyone 16 years of age and over who is willing and able to work. In practice, it includes the sum of anyone over 16 years who is employed or unemployed but actively seeking a job. The labor force is essentially a more technical term for the economy's labor supply.

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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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    GOLD CERTIFICATES

    Paper currency issued and authorized by the U.S. Department of the Treasury that is, in principle, backed up by, and exchangeable for, an equivalent value of gold. Gold certificates were in circulation as a medium of exchange for the U.S. economy during two periods, 1865 to 1922 and 1928 to 1934. A similar form of paper currency is silver certificates.

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    APLS

    BLUE PLACIDOLA
    [What's This?]

    Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a T-shirt commemorating the first day of winter or software that won't crash your computer. Be on the lookout for strangers with large satchels of used undergarments.
    Your Complete Scope

    This isn't me! What am I?

    One of the largest markets for gold in the United States is the manufacturing of class rings.
    "The best way to cheer yourself up is to try to cheer somebody else up."

    -- Mark Twain

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