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BALANCE OF PAYMENTS: The difference between the funds received by a country and those paid by a country for all international transactions. The international transactions include the exchange of merchandise (exports and imports), which is commonly summarized as the balance of trade, plus the exchange of services, summarized as the balance of services, as well as any gifts or transfer payments that do not involve the exchange of goods and services. The balance of payments, in effect, indicates the difference between currency coming into a country and that flowing out of the country. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets).
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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production
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Page: 3 of 25
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Topic:
Final Goods and Services
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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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DERIVATION, SAVING LINE A saving line, a graphical depiction of the relation between household sector saving and income, can be derived from the consumption line. The saving line can also be derived by plotting the saving-income information from a saving schedule or using the slope and intercept values of the saving function. However, derivation from the consumption line emphasis the connection between consumption and income--that the household sector uses a portion of income for consumption and a portion for saving.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either rechargeable batteries or a rechargeable battery for your computer. Be on the lookout for door-to-door salesmen.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"The only thing that will stop you from fulfilling your dreams is you. " -- Tom Bradley, former Los Angeles mayor
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IBB
International Bank Bonds
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