March 18, 2018 

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IN-KIND PAYMENT: A payment, usually in exchange for the productive efforts of resources, that takes the form of goods and services rather than the economy's standard monetary unit (that is, dollars). In other words, resource owners are compensated with a portion of the output that they helped to produce. The standard method of compensation, which is illustrated by the circular flow model, is for a firm to pay resource owners using money revenue received from selling its production. Hence most factor payments are monetary payments. However, in some circumstances firms and resource owners find it more convenient to use actual production for compensation, eliminating the middle sell-production-for-money step

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Lesson 10: Gross Domestic Product | Unit 5: Issues Page: 23 of 25

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The study of gross domestic product is important for at least for two reasons.
  • First, Scarcity. Real GDP indicates how well the economy is addressing the economic problem of scarcity.
  • Second, Stability. Real GDP is a key measurement for analyzing economic instability and business cycles.

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A shock to the short-run aggregate market caused by an increase in aggregate demand, resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the short-run aggregate market results in an increase in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for crowded shopping malls.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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