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REAL GROSS DOMESTIC PRODUCT: The total market value, measured in constant 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 real gross domestic product is measured in constant prices, the prices for a specific base year. Real gross domestic product, also termed constant gross domestic product, adjusts gross domestic product for inflation. You might want to compare real gross domestic product with the related term nominal gross domestic product.

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Lesson 3: Scarcity | Unit 1: The Concept Page: 1 of 17

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

  • Scarcity is the pervasive condition that exists because society has unlimited wants and needs, but limited resources used for their satisfaction.
Meaning:
  • We can't have everything because resources are limited.
Unlimited wants and needs are half of the scarcity problem.
  • Unlimited wants and needs are what motivate us to take action, to produce goods, and to advance our well-being.
  • We are motivated to do things that satisfy these wants and needs. Satisfaction is achieved when wants and needs are fulfilled.
  • Scarcity results because wants and needs are unlimited. No one has ever been completely satisfied. We always want more.

Limited resources are the other half of our scarcity problem.

  • Resources are the stuff that we use to produce the goods that fulfill our wants and needs.
  • Resources are the things that make satisfaction possible.
  • Resources are limited. We have only so much 'stuff' than can be used to produce the goods that satisfy our wants and needs.

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RECESSIONARY GAP, KEYNESIAN MODEL

The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is less than full-employment aggregate production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. The prescribed Keynesian remedy for a recessionary gap is expansionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is an inflationary gap.

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for telephone calls from long-lost relatives.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"You are never given a dream without also being given the power to make it true."

-- Richard Bach, Author

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