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TARGET MARKET: The specific group of individuals who have been selected as the most likely potential buyers for products, ideas, or services. The company develops a marketing mix to satisfy this group of buyers. This group has been selected, after process of determining similar buying habits, attitudes, and other demographics, to be the best for purchasing the companyÕs product.
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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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PARADOX OF THRIFT The notion that an increase in saving, which is generally good advice for an individual during bad economic times, can actually worsen the macroeconomy causing a reduction in aggregate income, production, and paradoxically a decrease in saving. The paradox of thrift is an example of the fallacy of composition stating that what is true for the part is not necessarily true for the whole.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"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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SDR
Special Drawing Right
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