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LIQUIDITY: The ease of converting an asset into money (either checking accounts or currency) in a timely fashion with little or no loss in value. Money is the standard for liquidity because it is, well, money and no conversion is needed. Other assets, both financial and physical have varying degrees of liquidity. Savings accounts, certificates of deposit, and money market accounts are highly liquid. Stocks, bonds, and are another step down in liquidity. While they can be "cashed in," price fluctuations, brokerage fees, and assorted transactions expenses tend to reduce their money value. Physical assets, like houses, cars, furniture, clothing, food, and the like have substantially less liquidity.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 7 of 25

Topic: Past and Future <=PAGE BACK | PAGE NEXT=>

Slice A includes market transactions that are NOT economic production, and are excluded from GDP.

Two activities in slice A:

  • Future production. Intermediate goods will become part of GDP in the future when production is finished. To avoid double counting, we exclude these market transactions.
  • Past production. Used items (cars, houses) produced before the start of our current time period. Because they are not current production and were included in GDP in a previous year, they are excluded from GDP

Slice A is excluded from GDP.


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CHANGE IN QUANTITY SUPPLIED

A movement along a given supply curve caused by a change in supply price. The only factor that can cause a change in quantity supplied is price. A related, but distinct, concept is a change in supply.

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Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for telephone calls from long-lost relatives.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"If you don't make mistakes, you aren't really trying."

-- Coleman Hawkings,musician

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