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NORMATIVE ECONOMICS: The branch of economics that states the way the economy should operate. A normative statement is based on values and can be proved neither right or wrong. While positive economics seeks to explain the way it is, normative economics, the policy side of economics, seeks to prescribe the way it should be. Normative economics is used to recommend ways to change the world, to improve it, and to make it a better place for both man and beast.

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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production Page: 2 of 25

Topic: Total Market Value <=PAGE BACK | PAGE NEXT=>

Let's highlight the phrase 'total market value' in this definition of GDP.

First, total. GDP seeks to measure ALL production of goods and services in the economy.

Second, market value. Market prices indicate the value of goods. We measure the total value of production by multiplying the quantity produced and traded through markets by market prices. GDP is the aggregation of the market value of all goods.

  • Market transactions provide an excellent source of information that can be used for calculating GDP.
  • Dollars (market prices) provide a common denominator for aggregating different goods.

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FACTOR MARKET, EFFICIENCY

A factor market achieves efficiency in the allocation of resources by equating marginal revenue product to factor price. Perfect competition, as the efficiency benchmark, is the only market structure to satisfy this criterion and achieve factor market efficiency. Monopsony, oligopsony, and monopsonistic competition are inefficient because they equate marginal revenue product to marginal factor cost, both of which are greater than factor price.

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BEIGE MUNDORTLE
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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 coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for strangers with large satchels of used undergarments.
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In the early 1900s around 300 automobile companies operated in the United States.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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