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WEIGHT GAINING: An activity in which the transportation cost of the output is greater than the transportation cost of the inputs. Using the term weight to mean transportation cost, an activity is said to gain weight if the cost of moving the output to the market is greater than the cost of getting the inputs to the factory. A weight-gaining activity has a greater attraction to, and tends to locate near, the market for the output.
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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production
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Page: 4 of 25
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The third GDP highlight phrase is 'a given period of time'. GDP is production that takes place during a specific period, usually one year. - GDP is a flow. Current production takes place during the specific period of time under study.
- Flows are measured over a period of time. GDP is measured from January 1st to December 31st.
- Stocks are measured at a point in time. The quantity of money is measured at an instant in time, like July 26th at 8:15.
- In addition to GDP, other production and income measures in this lesson are flows.
- In addition to money, employment, business inventories, and labor force are stocks.
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DISTRIBUTION STANDARDS Alternative criteria for distributing the income generated from the production of goods and services to members of society. These criteria determine how total income is divided up across the economy, effectively answering the For Whom? question of allocation. The three most important distribution criteria are contributive standard, equality standard, and needs standard.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a remote controlled ceiling fan or a how-to book on home decorating. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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SELA
Latin American Economic System
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