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INDIRECT: The mathematical notion that two variables change in the opposite directions, that is, an increase in X goes with a decrease in Y, or a decrease in X goes with an increase in Y. The alternative to an indirect relation is a direct relation, in which an increase in one variable goes with an increase in the other. Indirect relations are graphically illustrated by negatively-sloped curves, a common example being the demand curve.

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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP Page: 16 of 25

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

Calculating GDP from the resource side is based on the fact that ALL revenue received by the business sector is paid to or claimed by a factor of production.

Factor payments and the productive factors are:

    • Wages are paid to labor.
    • Interest is paid to capital.
    • Rent is paid to land.
    • Profit is paid to entrepreneurship.
  • Official government names are compensation to employees (wages) and corporate profit (profit).
  • Proprietors' income is a combination of wages, interest, rent and profit, collected by the owner of a proprietorship.

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UNIT OF ACCOUNT

The money function in which money is used as the common benchmark to designate the prices of goods exchanged throughout the economy. Unit of account, or measure of value, means money is functioning as the measuring unit for prices. In other words, prices of goods are stated in terms of the monetary unit. This is one of four basic functions of money. The other three are medium of exchange, store of value, and standard of deferred payment.

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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for the happiest person in the room.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

-- Grenville Kleiser, Author

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