March 23, 2018 

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GROSS DOMESTIC PRODUCT, INS AND OUTS: Gross domestic product is the total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. Obtaining this value is not a simple task. It requires combining a lot of information from a number of different sources. For the U.S. economy, this includes trillions of dollars worth of production, hundreds of million of consumers, hundreds of thousands of businesses, and a bunch of market transactions each year.

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Lesson 2: Economic Science | Unit 5: Cause and Effect Page: 19 of 20

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Advertising is unlikely to be the DIRECT cause of greater sales and production.
  • First link: Advertising increases buyers' preferences.
  • Second link: Buyers' preferences increase market demand and market price.
  • Third link: Higher price induces suppliers to increase production.
Scientific answer:
  • The increase in sales and production are caused by higher prices, which is caused by greater demand, which is caused by a change in buyers' preferences, which is caused by advertising.
  • The goal of the scientific study of economics is to identify these distinct, but interrelated cause-and-effect principles.

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A situation in which a relatively large number of a bank's customers attempt to withdraw their deposits in a relatively short period of time, usually within a day or two. While common throughout the 1800s and early 1900s, government deposit insurance has largely eliminated banks runs in the modern economy. Historically a bank run was prompted by fears that the bank was on the verge of collapse, causing deposits to become worthless. Ironically a bank run often caused the bank to fail. Bank runs were often infectious, leading to economy-wide bank panics and business-cycle contractions.

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Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for mail order catalogs with hidden messages.
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More money is spent on gardening than on any other hobby.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

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