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CERTIFICATE OF DEPOSIT: A type of savings account, commonly termed CDs, maintained by banks and other depository institutions that pays higher interest rates that normal savings accounts, but requires the funds not be withdrawn for a specified time period. Small denomination CDs (under $100,000) are a component of the M2 monetary aggregate. Larger denomination CDs (over $100,000) are a component of the M3 monetary aggregate.

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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP Page: 15 of 25

Topic: Expenditures <=PAGE BACK | PAGE NEXT=>

The four sectors of the economy buy ALL current economic production and when aggregated give us GDP.

The four sectors and their expenditures:

  1. Household: Consumption (C).
  2. Business: Investment (I).
  3. Government: Government Expenditures (G).
  4. Foreign: Net Exports (X-M), the difference between Exports (X) and Imports (I).
Expenditures on GDP: GDP = C + I + G + (X-M)
  • C, I and G buy not just domestic goods and services, but also imports.
  • When we aggregate C, I, G and X we have domestic production plus imports. To measure only domestic production, we subtract imports (M).

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CONSUMER EQUILIBRIUM

The condition that exists when the last dollar spent on one good provides the same marginal utility as the last dollar spent on every other good. In consumer equilibrium, income is allocated between the purchase of different goods in such a way that the level of utility cannot be increased, that is, utility maximization has been achieved.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for infected paper cuts.
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John Maynard Keynes was born the same year Karl Marx died.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

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