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ASSET: Something that you own. For a person, assets can be financial, like money, stocks, bonds, bank accounts, and government securities, or they can be physical things, like cars, boats, houses, clothes, food, and land. The important assets for our economy are the output we have produced and the resources, capital, and natural resources used to produce that output.

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

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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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AVERAGE-MARGINAL RELATION

A mathematical connection between a marginal value and the corresponding average value stating that the change in the average value depends on a comparison between the average and the marginal. This mathematical relation between average and marginal surfaces throughout the study of economics, especially production (average product and marginal product), cost (average total cost and marginal cost), and revenue (average revenue and marginal revenue). A similar relation is that between a total value and the corresponding marginal value.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either a tall storage cabinet with five shelves and a secure lock or a birthday greeting card for your grandmother. Be on the lookout for strangers with large satchels of used undergarments.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"You can't build a reputation on what you are going to do."

-- Henry Ford, automaker

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