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GROSS DOMESTIC PRODUCT AND NATIONAL INCOME: Gross domestic product (GDP) 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. National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production of final goods and services during a given period of time, usually one year. While the vast majority of domestic production is undertaken by domestic factors of production (national income is about 80% of gross domestic product) key differences do exist. The six main differences between gross domestic product and national income are (1) capital consumption adjustment, (2) indirect business taxes, (3) business transfer payments, (4) net foreign factor income, (5) government subsidies, and (6) statistical discrepancy.
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Lesson 3: Scarcity | Unit 1: The Concept
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- 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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SEVEN ECONOMIC RULES A set of seven fundamental notions that reflect the study of economics and how the economy operates. They are: (1) scarcity, (2) subjectivity, (3) inequality, (4) competition, (5) imperfection, (6) ignorance, and (7) complexity.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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NCUA
National Credit Union Administration
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