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GROSS DOMESTIC PRODUCT AND NATIONAL INCOME: Gross domestic product (GDP) 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. 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. While the vast majority of domestic production is undertaken by domestic factors of production (national income is about 80% of gross domestic product) key differences do exist. The six main differences between gross domestic product and national income are (1) capital consumption adjustment, (2) indirect business taxes, (3) business transfer payments, (4) net foreign factor income, (5) government subsidies, and (6) statistical discrepancy.

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

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  • How and why the scientific method seeks to identify the fundamental cause and effect links that constitute scientific principles.
  • Why correlation between events is the first step when identifying cause and effect links.
  • The importance of considering time proximity and time sequence when identifying cause and effect links.
  • How a simple example dealing with the effect of advertising on the production and sales of shoes involves several different cause and effect links.

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UNEMPLOYMENT PROBLEMS

The two key problems resulting from unemployment of resources, especially the unemployment of labor, are personal hardships and lost production. The owners of the unemployed resources suffer personal hardships due to the lack of income. The rest of society also suffers from unemployment due to the lack of available production.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a rechargeable battery for your computer or shoe laces for your snow boots. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?

A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"In order to create there must be a dynamic force, and what force is more potent than love."

-- Igor Stravinsky, violinist

MR
Marginal Revenue
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