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July 11, 2025 

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THIRD-WORLD COUNTRY: A country with a relatively low standard of living and which lacks the economic development of more advanced industrialized nations like the United States. Most third-world countries are in Africa, Asia, and South America and often rise to newsworthy prominence when they have a famine, are overthrown by a military dictator, or are invaded by a more developed country. They tend to have high rates of population growth and limited success in doing what's necessary to achieve economic growth.

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CURRENT GROSS DOMESTIC PRODUCT: The total market value, measured in current 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 current gross domestic product is measured in current, or actual prices; the prices buyers actually pay for goods and services purchased. Current gross domestic product is also termed nominal gross domestic product.

     See also | gross domestic product | inflation | price level | GDP price deflator | nominal | real | current gross domestic product | constant gross domestic product | nominal gross domestic product |


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TWO-SECTOR, TWO-MARKET CIRCULAR FLOW

A simple circular flow model of the macroeconomy containing two sectors (business and household) and two markets (product and factor) that illustrates the continuous movement of the payments for goods and services between producers and consumers. The payment flow between the two sectors and two markets is conveniently divided into four segments representing consumption expenditures, gross domestic product, factor payments, and national income. More advanced models containing additional flow segments are two-sector, three-market circular flow; three-sector, three-market circular flow; and four-sector, three-market circular flow.

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BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"If anything terrifies me, I must try to conquer it. "

-- Francis Charles Chichester, yachtsman, aviator

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