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DOUBLE COUNTING: The act of including the value of intermediate goods more than once in the value of gross domestic product. Because the value, or price, of final goods includes the cost, or value, of all intermediate goods used, including market transactions for intermediate separately in the measurement of gross domestic product would lead to double counting.
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Lesson 1: Economic Basics | Unit 5: Policies
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Page: 15 of 18
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Markets do a reasonable, but not make perfect, job of pursuing the five economic goals. Market Imperfections: - Instability: Markets can cause instability in the macroeconomy, preventing growth, stability, and full employment.
- Inefficiency: Market imperfections can prevent the economy from efficiently using resources.
- Equity: The market generated distribution of income and wealth might not be desired by society.
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AGGREGATE SUPPLY The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply, usually abbreviated AS, is two different relations between price level and real production--long run and short run. With long-run aggregate supply, prices and wages are flexible and all markets are in equilibrium. With short-run aggregate supply some prices and wage are NOT flexible and some markets are NOT in equilibrium. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate demand.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. " -- Henry David Thoreau, philosopher
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SEC
Securities and Exchange Commision
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