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BANK PANIC OF 1907: A relatively serious economic downturn, that is business-cycle contraction, in 1907 that was caused by serious, big-time, instability in the banking system. This major bank panic was so severe (the term depression is more applicable than recession) that it prompted Congress to establish the Federal Reserve System, which came into existence in 1913. See fractional-reserve banking.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 10 of 25

Topic: Illegal Goods <=PAGE BACK | PAGE NEXT=>

Chunk D also is economic production that DOES involve market transactions. Lack of information about market transactions prevent these activities from being included in GDP
  • Chunk D includes illegal activities, such as gambling, drug sales, and prostitution.
  • Because they satisfy wants and needs they are economic production.
  • Because they are illegal activities 'official market transaction records are not available.

Chunk D is excluded from GDP.


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CAPITAL CONSUMPTION ADJUSTMENT

The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis that measures the macroeconomy's capital depreciation during a given time period, usually one year. The capital consumption adjustment (CCA), which is also commonly termed the capital consumption allowance (also conveniently abbreviated CCA), is subtracted from gross domestic product (GDP) to calculate net domestic product (NDP). The CCA is also subtracted from gross private domestic investment to calculate net private domestic investment.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at an auction trying to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?

The average length of a "business lunch" is about 36 minutes.
"If things are not going well with you, begin your effort at correcting the situation by carefully examining the service you are rendering, and especially the spirit in which you are rendering it."

-- Roger Babson, statistician and columnist

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