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GROSS DOMESTIC PRODUCT: The total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. This is the government's official measure of how much output our economy produces. It's tabulated and reported by the National Income and Product Accounts maintained by the Bureau of Economic Analysis, which is part of the U. S. Department of Commerce.

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Lesson 9: Consumer Demand | Unit 2: Total Utility Page: 7 of 22

Topic: Total Utility Schedule <=PAGE BACK | PAGE NEXT=>

  • I talked Edgar Millbottom into spending the day at the beach recording the amount of total utility achieved at the end of each hour.
  • The table presented here summarizes Edgar's hypothetical total utility numbers.
  • The two columns presented in the table measure the quantity of time spent at the beach (in hours) and the total utility accumulated by Edgar at the end of each hour (in utils).

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LAW OF COMPARATIVE ADVANTAGE

A principle that states that every nation, worker, or production entity has a production activity that incurs a lower opportunity cost than that of another nation, worker, or production entity, which means that trade between the two can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. This law is most often studied in the confines of international trade, but it also applies to labor and other types of production.

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ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?

The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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