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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production Page: 1 of 25

Topic: An Indicator <=PAGE BACK | PAGE NEXT=>

Economists use numerical measurements to indicate the health and well-being of the economy.
  • Economic diagnosis relies on several indicators.
  • Gross domestic product is the most comprehensive measure of the economy's production and one of the most basic measures of the economy's well-being.
  • Gross domestic product, as well as other economic measures, are indicators of our economic health.
A GDP Definition:

Gross domestic product (GDP) is the total market value of all final goods and services produced in the economy in a given period of time, usually one year.

  • The goal of GDP is to measure the total production of goods and services produced in the economy each year.
  • A larger GDP means that we have more goods and services that can be used to satisfy our unlimited wants and needs.
  • The chart presents recent numbers for GDP in the United States.

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FLEXIBLE PRICES

The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to the original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.

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APLS

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Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"A stumble may prevent a fall. "

-- Margaret Thatcher, British prime minister

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New York Interbank Bid Rate
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