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EXCESS DEMAND: A disequilibrium condition in a competitive market in which the quantity demanded is greater than the quantity supplied, hence there's "extra" demand. Pointy-headed economists generally use the more technical term shortage rather than excess demand. The reason, of course, is that shortage has two syllables and excess demand has four. The time saved in pronouncing two syllables rather than four is a definite efficiency plus for the entire economy.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 11 of 25

Topic: GDP <=PAGE BACK | PAGE NEXT=>

Economic production that involves market transactions is the foundation of GDP. This is area E. It is combined with area B to measure GDP.

A summary of measuring GDP:

  • Start with all market transactions of record.
  • Toss out past and future production in Slice A.
  • Add the estimated value of nonmarket 'in-kind' production in Slice B.
  • Don't include the value of nonmarket production in chunk C and the value of illegal production in chunk D.
  • Combine areas B and E for the final tabulation of GDP.

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BALANCE ON SERVICES

A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.

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