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TOTAL UTILITY: The total satisfaction of wants and needs obtained from the use or consumption of a good and service. This term should be contrasted with the related term marginal utility. Total utility is most often used in consumer demand theory to indicate how much overall satisfaction someone obtains from a given activity.

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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income Page: 18 of 25

Topic: National Income <=PAGE BACK | PAGE NEXT=>

The first three related, but slightly different income measures is national income (NI), income earned by the factors of production.
  • National income is the sum of wages (W), interest (I), rent (R), profit (P) and proprietors' income (PI):

NI = W + I + R + P + PI

  • National income is also found by subtracting capital consumption allowance (CCA) and indirect business taxes (IBT) from, and adding net foreign factor income (NFFI) to, GDP:

NI = GDP - CCA - IBT + NFFI

  • And because NDP = GDP - CCA:

NI = NDP - IBT + NFFI


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SHORT-RUN PRODUCTION ANALYSIS

An analysis of the production decision made by a firm in the short run, with the ultimate goal of explaining the law of supply and the upward-sloping supply curve. The central feature of this short-run production analysis is the law of diminishing marginal returns, which results in the short run when larger amounts of a variable input, like labor, are added to a fixed input, like capital. A contrasting analysis is long-run production analysis.

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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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