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LABOR FORCE PARTICIPATION RATE: The proportion of the total noninstitutionalized civilian population 16 years of age and over that is in the civilian labor force. The labor force participation rate is essentially the ratio of the civilian labor force to the total noninstitutionalized civilian population 16 years of age and over. This ratio indicates the proportion of the available "working age" population that is willing and able to work and is either employed or actively seeking employment.

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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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CONSUMER DEMAND THEORY

The branch of economics devoted to the study of consumer behavior, especially as it applies to decisions related to purchasing goods and services through markets. Consumer demand theory is largely centered on the study and analysis of the utility generated from the satisfaction of wants and needs. The key principle of consumer demand theory is the law of diminishing marginal utility, which offers an explanation for the law of demand and the negative slope of the demand curve.

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Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for malfunctioning pocket calculators.
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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!
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. "

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