March 23, 2018 

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WPI: The abbreviation for Wholesale Price Index, which is an index of the prices paid by retail stores for the products they would ultimately resell to consumers. The Wholesale Price Index, abbreviated WPI, was the forerunner of the modern Producer Price Index (PPI). The WPI was first published in 1902, and was one of the more important economic indicators available to policy makers until it was replaced by the PPI in 1978. The change to Producer Price Index in 1978 reflected, as much as a name change, a change in focus of this index away from the limited wholesaler-to-retailer transaction to encompass all stages of production. While the WPI is no longer available, the family of producer price indexes provides a close counterpart in the Finished Goods Price Index.

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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP Page: 17 of 25

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In this unit, you should have learned something about:
  1. GDP can be measured in two different ways, from the demand or expenditure side and from the supply or resource side of the economy.
  2. From the expenditure side, the four sectors of the economy buy ALL current economic production and when aggregated give us GDP. This is summarized by the formula: GDP = C + I + G + (X-M).
  3. The calculation of GDP from the resource side of the economy is based on the fact that the revenue received for the sale of GDP is paid to or claimed by a factor of production.

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The total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. Personal income (PI) is one of three measures of income reported in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are national income (NI) and disposable income (DI). Two related measures of production are gross domestic product (GDP) and net domestic product (NDP). The primary use of personal income is to measure the income actually paid out to the household sector. After adjusting for income taxes, personal income forms the basis for consumption expenditures on gross domestic product.

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Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for mail order catalogs with hidden messages.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

-- Elizabeth Stuart Phelps, Writer

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