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September 18, 2018 

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X: The standard abbreviation for exports produced by the foreign sector and purchased by the domestic economy, especially when used in the study of macroeconomics. This abbreviation is most often seen in the aggregate expenditure equation, AE = C + I + G + (X - M), where C, I, G, and (X - M) represent expenditures by the four macroeconomic sectors, household, business, government, and foreign. The United States, for example, sells a lot of the stuff produced within our boundaries to other countries, including wheat, beef, cars, furniture, and, well, almost every variety of product you care to name.

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

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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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CAUSE AND EFFECT

The notion that every event in the universe is the direct result of a preceding event, that one event A causes another event B. The purpose of the scientific method is to identify these cause-and-effect relations. This pursuit is based on a simple point of view: everything happens for a reason. For every action there is a consequence. And for every consequence there is a cause.

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Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for gnomes hiding in cypress trees.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"As the births of living creatures at first are ill-shapen, so are all innovations, which are the births of time. "

-- Sir Francis Bacon, philosopher

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