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NATIONAL BANKS: Traditional banks that are chartered by the Comptroller of the Currency and are automatically members of the Federal Reserve System. The contrast to national banks are state banks, which are chartered by one of the fifty states. National banks tend to larger than state banks and whether justified or not tend to be slightly more prestigious. In the modern economy this distinction is less important than it was a few decades bank when state banks were subject to lesser state regulations than national banks.

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Lesson 10: Gross Domestic Product | Unit 5: Issues Page: 24 of 25

Topic: What It Doesn't Do <=PAGE BACK | PAGE NEXT=>

GDP and related measures are not perfect.
  • GDP is only an indicator of economic activity. Because it requires interpretation and analysis it is subject to misinterpretation and misanalysis.
  • GDP is an aggregate measure for the economy. It measures total production, but it does not indicate who receives the production, the distribution of production.
  • GDP does not measure the satisfaction of wants and needs. GDP can increase even though welfare does not increase, or even decreases. GDP might even decrease even though welfare is greater.

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PRODUCT MARKETS

Markets that exchange final goods and services, that is, the output that is combined into gross domestic product. The buyers of this production are the four macroeconomic sectors--household, business, government, and foreign. The seller of this production is primarily the business sector. A substantial part of macroeconomics is devoted to explaining how and why gross domestic product exchanged through product markets rises or falls. Product markets, also termed output or goods markets, are one of three primary sets of macroeconomic markets. The other two are resource markets and financial markets.

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Today, you are likely to spend a great deal of time at a flea market wanting to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for rusty deck screws.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"Lead the life that will make you kindly and friendly to everyone about you, and you will be surprised what a happy life you will lead."

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