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MARKETING CONCEPT: Focusing the company’s attention on the wants and needs of the customer in the development of products, services, ideas, and strategies. This customer driven focus is throughout the structure of the organization, from the boardroom to the shipping department and every place in between. When a decision is to be made, the question is asked: “Is this going to be good for the customer?” If the answer is yes, the company is following the marketing concept

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

Topic: Estimated Value <=PAGE BACK | PAGE NEXT=>

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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VARIABLES

Quantities, usually represented as symbols, that can take on one of a set of values. A variable is "variable" because its value can "vary." A primary goal of economic analysis is to determine the specific value that a variable takes on under specific circumstances.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?

Two and a half gallons of oil are needed to produce one automobile tire.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

BOJ
Bank of Japan
A PEDestrian's Guide
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