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INDUCED NET EXPORTS: Net exports by the foreign sector that depend on income or production (especially national income and gross domestic product). That is, changes in income induce changes in net exports. Induced net exports reflect the induced relation between imports and income, which means net exports decline as income increases. They are measured by the negative of the marginal propensity to import (MPM) and are reflected by the negative slope of net exports line. The alternative to induced net exports is autonomous net exports, which do not depend on income.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 9 of 25

Topic: Home Production <=PAGE BACK | PAGE NEXT=>

Chunk C also is economic production that does NOT involve market transactions.

It includes household productive activities, such as cooking, cleaning, home repairs, and entertainment.

  • Hiring others for these tasks would be market transactions included in GDP.
  • If tasks are done personally, without pay, there is no market transaction and no record of production.
  • While information needed to estimate the value of household production could be collected, it might be more trouble than it's worth.

Chunk C is excluded from GDP.


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AVERAGE PRODUCT

The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average product, usually abbreviated AP, is found by dividing total product by the quantity of the variable input. Average product, which occasionally goes by the alias average physical product (APP), is one of two measures derived from total product. The other is marginal product.

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APLS

BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at a garage sale looking to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for jovial bank tellers.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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