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PARTNERSHIP: One of the three basic forms of business organization (the other two are corporation and proprietorship). A partnership is a business that's owned and operated more or less equally by two or more people. The owners and the business are legally considered one and the same. As such, each owner has unlimited liability, which means that an owner is held personally responsible for any and all of the business's debts, including those made by a partner.
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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production
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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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BUYERS' EXPECTATIONS, DEMAND DETERMINANT The expectations that buyers have concerning the future price of a good, which is assumed constant when a demand curve is constructed. Buyers' expectations are one of five demand determinants that shift the demand curve when they change. The other four are buyers' income, buyers' preferences, other prices, and number of buyers.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for malfunctioning pocket calculators.
Your Complete Scope
This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. " -- C. Northcote Parkinson, historian
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MRS
Marginal Rate of Substitution
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