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ASEAN: The Association of Southeast Asian Nations (ASEAN) is a subregional organization established in 1967 in Bangkok by the five original Member Countries: Indonesia, Malaysia, Philippines, Singapore, and Thailand. Brunei Darussalam joined in 1984, Vietnam in 1995, Laos and Myanmar in 1997, and Cambodia in 1999. The aims and purposes of the Association are to accelerate the economic growth, social progress and cultural development in the region and to promote regional peace and stability through abiding respect for justice and the rule of law.

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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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MARGINAL REVENUE, MONOPOLY

The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopoly receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a monopoly equates marginal revenue and marginal cost.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"Wherever you go, no matter what the weather, always bring your own sunshine."

-- Anthony J. D'Angelo

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Department of Commerce
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