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April 25, 2018 

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X-AXIS: In a graph, this is one of two lines that intersect at a right angle at their origins. This is the "horizontal-axis" that runs from right and left. In most analyses, the variable measured on the X-axis is consider to be the independent variable.

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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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FIXED COST

In general, cost that does not change with changes in the quantity of output produced. More specifically, fixed cost is combined with the adjectives "total" and "average" to indicate the overall level of fixed cost or the per unit fixed cost. Fixed cost is incurred whether of not any output is produced. The contrast to fixed cost is variable cost, cost which does change with the quantity produced.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

AIC
Akaike's Information Criterion
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