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July 17, 2018 

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REAL GROSS DOMESTIC PRODUCT: The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that real gross domestic product is measured in constant prices, the prices for a specific base year. Real gross domestic product, also termed constant gross domestic product, adjusts gross domestic product for inflation. You might want to compare real gross domestic product with the related term nominal gross domestic product.

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Lesson 11: Circular Flow | Unit 4: Foreign Page: 17 of 22

Topic: Exports and Imports <=PAGE BACK | PAGE NEXT=>

  • Exports are goods and services produced by the domestic economy and purchased by the foreign sector.
  • Imports are goods and services produced by the foreign sector and purchased by the domestic economy.
  • Exports are the green flow coming from the foreign sector and joining GDP before reaching the business sector.
  • Imports are the green flow leaving the consumption, investment, government purchases stream and going to the foreign sector.
  • Note that the physical flow of production (exports and imports) moves in opposite direction as the green payment flows.

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TOTAL FACTOR COST CURVE

A curve that graphically represents the relation between total factor cost incurred by a firm when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve. Two related factor cost curves are average factor cost curve and marginal factor cost curve.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?

A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"God grants victory to perseverance. "

-- Simon Bolivar, South American liberator

AIC
Akaike's Information Criterion
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