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GOOD: When used without an adjective modifier (like "final" good or "intermediate" good), this generically means a physical, tangible product used to satisfy people's wants and needs . This term good should be contrasted with the term service, which captures the intangible satisfaction of wants and needs. As such, you will frequently see the plural combination of these two phrases together "goods and services" to indicate the wide assortment of economic goods produced using the economy's scarce resources. As you might imagine this general notion of wants and needs satisfying goods and services pops up throughout the study of economics.
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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP
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Page: 13 of 25
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In this unit, you should have learned something about:- Measuring economic production using market transactions.
- Market transactions of past and future production that are NOT economic production and are excluded from GDP.
- Economic production of in-kind activities that do NOT involve market transactions but are included in GDP.
- Economic production of home production that do NOT involve market transactions and are excluded from GDP.
- Economic production of illegal activities that do involve market transactions but are excluded from GDP.
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AGGREGATE DEMAND INCREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by an increase in aggregate demand resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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ARP
Average Revenue Product
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