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OPERATING STATEMENT: A statement of the revenues, expenditures, and profit for a business, household, or government entity over a given period of time. An income statement also goes by the names profit and loss statement, earnings report, and income statement. This is one of two key financial statements for an entity. The other is a balance sheet, which is a statement of assets, liabilities, and net worth at a given point in time.

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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production Page: 3 of 25

Topic: Final Goods and Services <=PAGE BACK | PAGE NEXT=>

A second phrase to highlight is 'final goods and services'.
  • Production generally involves several intermediate steps which involves market exchanges of intermediate goods. GDP measures only the market value of final goods.
  • The cost of intermediate goods is already included in the price and thus the market value of finished product when sold to final users.
  • To avoid double counting, GDP does not separately include the market value of any intermediate goods.
Final goods are those reaching their final user and include: household consumption, business investment in capital, government purchases, and exports.

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UNEMPLOYMENT RATE

The proportion of the civilian labor force 16 years or older that is actively seeking employment, but is unemployed and not engaged in the production of goods and services. The unemployment rate is estimated and reported monthly by the Bureau of Labor Statistics of the U.S. Department of Labor. It is used not only as the prime measure of labor unemployment in the economy, but also as a key indicator of business-cycle instability. In principle, the unemployment rate measures the proportion of the labor that is willing and able to work, but not employed. In practice, the official unemployment rate is simply the ratio of total unemployment to the total civilian labor force, in percentage terms.

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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
"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."

-- Charles M. Schwab

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