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LINE GRAPH: A graph containing one or more lines or curves that are used to represent relations between two (or more) variables. A line graph is a useful method of illustrating scientific principles and hypotheses important for the economic analysis.
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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP
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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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OLIGOPOLY, REALISM Real world markets are heavily populated by oligopoly. About half of all output produced in the U.S. economy each year is done so by oligopoly firms. Other industrialized nations can make a similar claim. Oligopoly markets arise in a wide assortment different industries, ranging from manufacturing to retail trade to resource extraction to financial services.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for high interest rates.
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This isn't me! What am I?
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing." -- William A. Ward
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MR
Marginal Revenue
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