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VALUE ADDED: The increase in the value of a good at each stage of the production process. The value that's being increased is specifically the ability of a good to satisfy wants and needs either directly as a consumption good or indirectly as a capital good. A good that provides greater satisfaction has greater value. In essence, the whole purpose of production is to transform raw materials and natural resources that have relatively little value into goods and services that have greater value.

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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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KEYNESIAN MODEL

A macroeconomic model based on the principles of Keynesian economics that is used to identify the equilibrium level of, and analyze disruptions to, aggregate production and income. This model identifies equilibrium aggregate production and income as the intersection of the aggregate expenditures line and the 45-degree line. The Keynesian model comes in three basic variations designated by the number of macroeconomic sectors included--two-sector, three-sector, and four sector. The Keynesian model is also commonly presented in the form of injections and leakages in addition to the standard aggregate expenditures format. This model is used to analyze several important topics and issues, including multipliers, business cycles, fiscal policy, and monetary policy.

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APLS

ORANGE REBELOON
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Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for slow moving vehicles with darkened windows.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

-- Grenville Kleiser, Author

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Quarterly Journal of Economics
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