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COMMERCIAL PAPER: Short-term negotiable financial instruments, or promissory notes, sold by corporations to raise working capital. The maturity length of commercial paper is less than a year, often 30, 60 or 90 days. The corporations who issue commercial paper are usually the largest, most stable, and most profitable businesses in the country.

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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production Page: 4 of 25

Topic: Given Year <=PAGE BACK | PAGE NEXT=>

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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ABSOLUTE ADVANTAGE

The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.

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Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for slightly overweight pizza delivery guys.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. "

-- George Lucas

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