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I: The standard abbreviation for investment expenditures by the business sector, especially when used in the study of macroeconomics. This abbreviation is most often seen in the aggregate expenditure equation, AE = C + I + G + (X - M), where C, G, and (X - M) represent expenditures by the other three macroeconomic sectors, household, business, and foreign.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 12 of 25

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

GDP is the total MARKET VALUE of current economic production, that is, GDP measures current production at current market prices.
  • If we measure current economic production, current prices work fine. If we compare GDP from one year to the next year, current prices can be misleading.
  • For example... a 10% increase in GDP could result from changes in production, prices, or both. Production could be 10% higher will prices do not change. Or prices could 10% higher while production does not change. Or this could be a mix of changes in production and prices.
  • All we know is that GDP has risen by 10%, but it is difficult to know what has happened to physical production.
We need something more, we need real GDP.

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OTHER PRICES, DEMAND DETERMINANT

The prices of other goods that influence the decision to purchase a particular good, which are assumed constant when a demand curve is constructed. Other prices can be for goods that are either substitutes-in-consumption or complements-in-consumption. This is one of five demand determinants that shift the demand curve when they change. The other four are other prices, buyers' preferences, buyers' expectations, and number of buyers.

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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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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"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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