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NOMINAL GDP: 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 3: Scarcity | Unit 4: College Cost
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Page: 13 of 17
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With foregone income the costs of attending college is closer to $70,000 than the $7,000 tuition payment.- Overall total depends on subjective values placed on other activities, like sleeping and entertainment. (Note the second rule of subjectivity.)
- What about other costs of attending college? It depends on the whether or not you give up something to pursue the activity of attending college.
- Room and board? Because you would have eaten and slept even if had you not attended college, room and board is not an expense of going to college, it's just an expense of life.
- Opportunity cost results from giving up something.
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TOTAL REVENUE, MONOPOLY The revenue received by a monopoly firm for the sale of its output. Total revenue is one two bits of information a monopoly firm needs to calculate economic profit, the other is total cost. In general, total revenue is price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a monopoly firm, that charges different prices for different quantities, total revenue increases then decreases. Two other revenue measures directly related to total revenue are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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Q-RATIO
Ratio of Total Market Value of Physical Assets
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