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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).
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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP
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Page: 7 of 25
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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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EFFICIENT INFORMATION SEARCH A comparison between the cost of acquiring information and the benefit generated by the information such that it is not possible to increase welfare or well being by acquiring any more of any less information. Efficient information search is achieved by equating the marginal cost of search with the benefit of search. This efficiency is comparable to the profit-maximizing decision by a producer and the utility-maximizing decision by a consumer.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
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RATS
Regression Analysis of Time Series (software)
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