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REAL WAGE: The inflation-adjusted purchasing power of the nominal wage. The real wage is commonly derived by dividing the nominal wage by the price level, indicates the physical quantities of goods and service that can be purchased with the nominal wage.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 13 of 25

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In this unit, you should have learned something about:
  1. Measuring economic production using market transactions.
  2. Market transactions of past and future production that are NOT economic production and are excluded from GDP.
  3. Economic production of in-kind activities that do NOT involve market transactions but are included in GDP.
  4. Economic production of home production that do NOT involve market transactions and are excluded from GDP.
  5. Economic production of illegal activities that do involve market transactions but are excluded from GDP.


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SELLERS' EXPECTATIONS, SUPPLY DETERMINANT

The expectations that sellers have concerning the future price of a good, which is assumed constant when a supply curve is constructed. If sellers expect a higher price, then supply decreases. If sellers expect a lower price, then supply increases. Sellers' expectations are one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, other prices, and number of sellers.

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials seeking to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for crowded shopping malls.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"The time to repair the roof is when the sun is shining."

-- John F. Kennedy, 35th U. S. president

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