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AAUP: The abbreviation for American Association of University Professors, which is an association of university and college faculty established in 1915 to protect academic freedom. The AAUP is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.
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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP
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Page: 17 of 25
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In this unit, you should have learned something about:- GDP can be measured in two different ways, from the demand or expenditure side and from the supply or resource side of the economy.
- 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).
- 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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ALLOCATIVE EFFICIENCY Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for jovial bank tellers.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"The best way to cheer yourself up is to try to cheer somebody else up." -- Mark Twain
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GMB
Good Merchandise Brand
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