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GOLDSMITH MONEY CREATION: An illustration of the basic money creation process undertaken by banks using the hypothetical activities of a hypothetical goldsmith. The goldsmith profession of Medieval Europe provides insight into the modern banking business, including the seemingly magical ability of banks to create valuable money out of inputs with significantly less value.

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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production Page: 5 of 25

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In this unit, you should have learned something about:
  1. How numerical measurements are used to indicate the health and well-being of the economy.
  2. Gross Domestic Product (GDP), which is the total market value of all final goods and services produced in the economy in a given period of time.
  3. That GDP seeks to measure ALL production of goods and services in the economy at its total market value.
  4. That GDP only measures the market value of final goods and services, because the cost of intermediate goods is included in the price of the finished product.
  5. That GDP measures the flow of current production that takes place during a specific period, usually one year.
  6. The difference flows, which are measures that take place over a period of time, and stocks, which are measures that exist at a point in time.

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CARDINAL UTILITY

The notion that utility--the satisfaction of wants and needs achieved through the consumption of goods and services--can be measured with numerical values (1, 2, 3, etc.) that are based on a benchmark scale. Cardinal utility presumes that satisfaction is a measurable characteristic of a person, like height or weight. The contrasting notion is ordinal utility, which is based on a ranking of preferences.

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YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for deranged pelicans.
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This isn't me! What am I?

The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. "

-- Joe Paterno, Football coach

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