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KEYNESIAN: Relating to the macroeconomic theory developed by John Maynard Keynes to address the problem of the persistently high unemployment occurring during the Great Depression. This word is commonly used as a modifier for other terms, such as Keynesian economics, Keynesian policy, or Keynesian equilibrium. Beyond the theory itself, the term Keynesian has come to reflect a particular philosophy toward government and the economy that a market-based economy is unlikely to achieve the macroeconomic goals of full employment, growth, and stability without the active use of government policies.

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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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ADVISORY COUNCILS, FEDERAL RESERVE SYSTEM

Three support committees that provide feedback to the Board of Governors of the Federal Reserve System to assist in its assorted regulatory responsibilities, including Federal Advisory Council, Thrift Institutions Advisory Council, and Consumer Advisory Council. The Federal Advisory Council is a broad ranging council comprise of commercial bankers. The Thrift Institutions Advisory Council is comprised of representatives of thrift institutions. The Consumer Advisory Council is comprised of consumer credit representatives.

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for celebrities who speak directly to you through your television.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"Lead the life that will make you kindly and friendly to everyone about you, and you will be surprised what a happy life you will lead."

-- Charles M. Schwab

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