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MARKET SHARE: The fraction of an industry's total sales accounted for by a single business. In general, market share is a "first-guess" indicator of a firm's market control. If, for example, a company has a market share of 100 percent (that is, a monopoly), then you can rest assured it has a substantial amount of market control. A company with a 25 percent market share has less, but still notable, market control. In fact, when you get right down to the bottom line, the phrase "market share" is only worth mentioning for oligopolistic firms with a significant degree of market control. There really is no market control for a monopolistically competitive firm with a 0.00000001 percent market share.

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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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AGGREGATE DEMAND DETERMINANTS

An assortment of ceteris paribus factors other than the price level that affect aggregate demand, but which are assumed constant when the aggregate demand curve is constructed. Changes in any of the aggregate demand determinants cause the aggregate demand curve to shift. The specific ceteris paribus factors are commonly grouped by the four, broad expenditure categories--consumption expenditures, investment expenditures, government purchases, and net exports.

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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

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