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January 17, 2018 

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DEMAND-DRIVEN BUSINESS CYCLES: Business cycle instability caused by changes in one or more of the four aggregate demand expenditures on gross domestic product--consumption, investment, government purchases, and net exports. This is one of two basic types of business cycles; the other being supply-drive business cycle. Demand-driven business cycles tend to be the more common of the two types. In general, demand-driven business cycles are more responsible for short-term instability, while supply-driven business cycles tend to be more closely associated with long-run changes in the economy.

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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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STAR TREK SCARCITY

A science-fiction phenomenon that emerged in the second half of the 20th century, which not only entertained millions of fans worldwide for decades, but also can be used to illustrate important economic concepts such as scarcity.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at a garage sale looking to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for defective microphones.
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This isn't me! What am I?

A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"Being defeated is only a temporary condition; giving up is what makes it permanent."

-- Marilyn vos Savant, Author

ADR
American Depositary Receipt, Asset Depreciation Range
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