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FINAL GOODS: Goods (or services) that are available for purchase by the 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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AUTONOMOUS SAVING

Household saving that does not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in saving. Autonomous saving is best thought of as a baseline level of saving (usually negative) that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the saving function or the saving line. The alternative to autonomous saving is induced saving, which does depend on income.

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Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for malfunctioning pocket calculators.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. "

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