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GROSS DOMESTIC PRODUCT, EXPENDITURES: A method of estimating gross domestic product (GDP) based on identifying the aggregate expenditures (consumption, investment, government purchases, and net exports) made by the four basic macroeconomic sectors (household, business, government, and foreign). This is one of two methods used by the Bureau of Economic Analysis in the National Income and Product Accounts to estimate gross domestic product.

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Lesson 4: Production Possibilities | Unit 3: The Curve Page: 12 of 24

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

The slope of the production possibilities frontier is opportunity cost.

What does this have to do with it's distinct, convex shape?

  • The reason is the law of increasing opportunity cost.
  • With few calibrators produced, opportunity cost is low and curve is flat.
  • With many calibrators produced, opportunity cost is high and slope is steep.

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IMPLICIT LOGROLLING

The trading of votes to ensure a favorable outcome for two or more separate decisions undertaken by combined both decisions into a single vote. Commonly practiced in legislative bodies, implicit logrolling occurs when two separate programs or policies are combined into a single package, which is then subject to a single vote. The contrast is with explicit logrolling in which each of two voters agree to cast separate votes for two separate programs. Whether implicit or explicit, logrolling is generally used when neither decision is able to obtain the necessary majority of the votes needed for passage on their own accord.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

-- C. Northcote Parkinson, historian

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