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NOMINAL GROSS DOMESTIC PRODUCT: The total market value, measured in current 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 nominal gross domestic product is measured in current, or actual prices; the prices buyers actually pay for goods and services purchased. Nominal gross domestic product is also termed current gross domestic product.

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Lesson 11: Circular Flow | Unit 1: Basic Flow Page: 3 of 22

Topic: Three Markets <=PAGE BACK | PAGE NEXT=>

The three aggregated markets in the circular flow are:
  • Product markets: The combination of all markets in the economy that exchange final goods and services. These markets are the mechanism that exchanges gross domestic product. These are also termed the aggregate market.
  • Factor markets: These markets exchange the services of the economy's resources, or factor of production--labor, capital, land, and entrepreneurship. These are also called resource markets.
  • Financial markets: These are markets that trade financial instruments, like stocks and bonds. They play an important role in capital investment.

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TOTAL PRODUCT AND MARGINAL PRODUCT

A mathematical connection between marginal product and total product stating that marginal product IS the slope of the total product curve. If the total product curve has a positive slope (that is, is upward sloping), then marginal product is positive. If the total product curve has a negative slope (downward sloping), then marginal product is negative. If the total product curve has a zero slope (horizontal), then marginal product is zero.

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Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for the happiest person in the room.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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