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NET DOMESTIC PRODUCT AND NATIONAL INCOME: Net domestic product (NDP) is the total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production of final goods and services during a given period of time, usually one year. The five main differences between net domestic product and national income are (1) indirect business taxes, (2) business transfer payments, (3) net foreign factor income, (4) government subsidies, and (5) statistical discrepancy.

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Lesson 14: Aggregate Supply | Unit 3: The Curves Page: 11 of 20

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  • The vertical long-run aggregate supply curve which graphically illustrates that the price level has no affect on the full employment level of aggregate supply in the long run.
  • The positively-sloped short-run aggregate supply curve which graphically illustrates that the price level does affect aggregate supply in the long run, and that it's possible to change short-run production, above or below full employment, if the price level changes.
  • Similarities and differences between aggregate supply and market supply.

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RATIONAL ABSTENTION

The decision NOT to do something (such as vote in an election) because the cost of taking the action is more than the expected benefit. The rational decision to refrain from an endeavor is a straightforward application of utility maximization and along with the related notion of rational ignorance, is a source of voter apathy and government inefficiency.

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APLS

GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for neighborhood pets, especially belligerent parrots.
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More money is spent on gardening than on any other hobby.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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