March 17, 2018 

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DECREASING-COST INDUSTRY: A perfectly competitive industry with a negatively-sloped long-run industry supply curve that results because expansion of the industry causes lower production cost and resource prices. For a decreasing-cost industry the entry of new firms, prompted by an increase in demand, causes the long-run average supply curve of each firm to shift downward, which decreases the minimum efficient scale of production.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 8 of 25

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Slice B includes economic production that does NOT involve market transactions.
  • The market value of nonmarket economic production for some goods can be estimated and included in GDP.
  • In-kind payments: This is nonmarketed production obtained by business owners or employees in lieu of money payment. Although no market transaction, GDP includes the estimated value of these transactions.
  • Owner-occupied housing: The value of owner-occupied housing services are not measured by market transaction. GDP includes the estimate the value of these services.

At least part of slice B is included in GDP.

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Government purchases by the government sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in government purchases. Autonomous government purchases are best thought of as government purchases that the government sector undertake independent of income. They are measured by the intercept term of the government purchases line. The alternative to autonomous government purchases is induced government purchases, which do depend on income.

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