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INSURANCE: Transferring risk to others. The need for insurance occurs because people tend to be risk averse in many circumstances. As such, most of us are willing to pay for certainty. Those who satisfy this need for insurance, insurance companies for example, do so because they can pool risk. If insurance companies know the chance of some loss (an accident, illness, or whatever) and its cost, then they can divide this cost among a large group of risk averse types. The insurance company agrees to pay the cost of the loss and each of the risk averse types pay a risk premium, but get the peace of mind that goes with certainty.
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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. See also | gross domestic product | gross domestic product, income | Bureau of Economic Analysis | consumption expenditures | investment expenditures | government purchases | net exports | household sector | business sector | government sector | foreign sector |
Recommended Citation:GROSS DOMESTIC PRODUCT, EXPENDITURES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: March 16, 2026].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: gross domestic product, expenditures
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AVERAGE PHYSICAL PRODUCT The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average physical product, usually abbreviated APP, is found by dividing total physical product by the quantity of the variable input. Average product, which more often goes by the shorter name average product (AP), is one of two measures derived from total physical product. The other is marginal physical product.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for small children selling products door-to-door.
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John Maynard Keynes was born the same year Karl Marx died.
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