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U.S. TREASURY BOND: One kind of government security issued by the U. S. Treasury to obtain the funds used to finance the federal budget deficit. A Treasury bond (or T-bond) has a maturity length of over 10 years, with 15 and 30 years common maturities. T-bonds, together with other long-term bonds issued by state and local governments and businesses, are traded in capital markets. The interest rate on T-bonds is a key long-run interest rate.

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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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FREE-RIDER PROBLEM

A problem underlying the provision of public goods that occurs when a person consumes or benefits from a good without making payment. The free-rider problem is the primary reason that public goods are produced by governments. Because public goods are characterized by the inability to exclude nonpayers, once a public good is produced anyone, everyone, can consume without making payment, that is, get a "free ride." Voluntary payments like those occurring in markets will not provide enough revenue to pay production costs. The only way to finance public goods is to force free-riders, and everyone else, to pay through government taxes. The free-rider problem also applies to common-property goods.

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GRAY SKITTERY
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Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for attractive cable television service repair people.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"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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