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NATIONAL INCOME AND GROSS DOMESTIC PRODUCT: 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. 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. Although national income is generated by the production of gross domestic product, the value of production does not entirely result in earned income. In other words, national income can be derived from gross domestic product after a few adjustments.
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Lesson 5: Market Demand | Unit 4: Determinants
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Page: 16 of 20
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The five determinants that cause the demand curve to shift are:- Income: Income affects the ability of buyers to buy. It can affect a good in two ways-normal or inferior.
- Preferences: Preferences, our likes and dislikes, affect the willingness of buyers to buy.
- Prices of other goods: Other goods can be either substitutes or complements to the good we're analyzing.
- Expectations: Buyers' current demand depends on expectations of future prices.
- Number of buyers: More buyers, more demand. Fewer buyers, less demand.
These categories include all factors other than price that affect demand.
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NATURAL RESOURCES The naturally occurring resources that are naturally a part of our natural planet which are directed toward production--including land, water, wildlife, vegetation, air, climate, sunshine, mineral deposits, and soil nutrients. Natural resources provide the materials that are used to produce all tangible products in the economy.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"It takes generosity to discover the whole through others. If you realize you are only a violin, you can open yourself up to the world by playing your role in the concert. " -- Jacques Yves Cousteau, marine explorer
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VES
Variable Elasticity of Substitution
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