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FINAL GOODS AND SERVICES: Goods and services that are available for purchase by their ultimate or intended user with no plans for further physical transformation or as an input in the production of other goods that will be resold. Gross domestic product seeks to measure the market value of final goods. Final goods are purchased through product markets by the four basic macroeconomic sectors (household, business, government, and foreign) as consumption expenditures, investment expenditures, government purchases, and exports. Final goods, which are closely related to the term current production, should be contrasted with intermediate goods--goods (and services) that will be further processed before reaching their ultimate user.

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Lesson 2: Economic Science | Unit 1: The Method Page: 3 of 20

Topic: A Process <=PAGE BACK | PAGE NEXT=>

The scientific method follows a process to systematically examine and explain our world.

The process:

  • First, generally accepted principles form a theory.
  • Second, the theory inspires hypotheses.
  • Third, hypotheses are tested with real world data.
  • Fourth, if supported, the hypotheses become principles.
  • Fifth, new principles are added to the theory.
  • Last, new, the improved theory inspires more hypotheses.

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INDUCED EXPENDITURES

Expenditures on aggregate production by the four macroeconomic sectors that depend on income or production (especially national income or even gross domestic product). That is, changes in income generate changes in these expenditures. Each of the four aggregate expenditures--consumption, investment expenditures, government purchases, and net exports--have an induced component. Induced expenditures are measured by the slope of the aggregate expenditures line. The alternative to induced expenditures are autonomous expenditures, expenditures which do not depend on income.

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Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for slightly overweight pizza delivery guys.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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