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HORIZONTAL MERGER: The consolidation under a single ownership of two separately-owned businesses in the same industry. An example of a horizontal merger would be two soft drink companies merging to form a single firm. A horizontal merger should be contrasted with vertical merger--two firms in different stages of the production of one good, such that the output of one business is the input of the other; and conglomerate merger--two firms in totally, completely separate industries.

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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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ACCOUNTING PROFIT

The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for broken fingernail clippers.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"You can't build a reputation on what you are going to do."

-- Henry Ford, automaker

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