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NDP: The abbreviation for net domestic product, which 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. Net domestic product, usually abbreviated NDP, is one of five key National Income and Product Accounts measures reported regularly (every three months) by the Bureau of Economic Analysis. The other four measures are gross domestic product, national income, personal income, and disposable income. Net domestic product has largely replaced a comparable term, net national production.

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Lesson 1: Economic Basics | Unit 1: Economics Page: 1 of 18

Topic: Definition <=PAGE BACK | PAGE NEXT=>

Economics:

A social science that studies the allocation of scarce resources used to produce goods and services that satisfy consumers' unlimited wants and needs.

Key points in the study of economics:

  • Social Science: Economics uses the scientific method to explain and study our society.
  • Allocation: Economics studies allocation decisions about distributing resources, goods and services.
  • Scarce Resources: The economy's resources are limited relative to their use.
  • Production: We transform available resources into goods and services. That's production.
  • Consumption: The goods and services produced are used to satisfy wants and needs. That's consumption.

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KINKED-DEMAND CURVE

A demand curve with two distinct segments which have different elasticities that join to form a corner or kink. The primary use of the kinked-demand curve is to explain price rigidity in oligopoly. The two segments are: (1) a relatively more elastic segment for price increases and (2) a relatively less elastic segment for price decreases. The relative elasticities of these two segments is based on the interdependent decision-making of oligopolistic firms.

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APLS

YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for slightly overweight pizza delivery guys.
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A half gallon milk jug holds about $50 in pennies.
"The greatest barrier to success is the fear of failure."

-- Sven Goran Eriksson, writer

AIFT
American Institute for Foreign Trade
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