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RESOURCE: The labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Land provides the basic raw materials--vegetation, animals, minerals, fossil fuels--that are inputs into the production of goods (natural resources). Labor is the resource that does the "hands on" work of transforming raw materials into goods. Capital is the comprehensive term for the vast array of tools, equipment, buildings, and vehicles used in production. Entrepreneurship is the resource that undertakes the risk of bringing the other resources together and initiating the production process.
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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production
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Page: 5 of 25
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In this unit, you should have learned something about:- How numerical measurements are used to indicate the health and well-being of the economy.
- 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.
- That GDP seeks to measure ALL production of goods and services in the economy at its total market value.
- 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.
- That GDP measures the flow of current production that takes place during a specific period, usually one year.
- 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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L A broad monetary measure that combines M3 plus several liquid assets, including commercial paper, U.S. Treasury bills, savings bonds, and bankers' acceptances. L used to be tracked and reported by the Federal Reserve System along with M1, M2, and M3. However, L is no longer reported.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a square lamp shade with frills along the bottom or an electric coffee pot with automatic shutoff. Be on the lookout for defective microphones.
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This isn't me! What am I?
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Progress always involves risk. You can't steal second base and keep your foot on first. " -- Frederick B. Wilcox
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DJ
Dow Jones
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