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December 16, 2018 

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GDP: 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. Gross domestic product is one of several measures reported regularly (every three months) by the pointy-headed folks at the Bureau of Economic Analysis.

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PRODUCTION TIME PERIODS: Alternative time periods used to differentiate between variable inputs and fixed inputs that are key to the analysis of short-run production and long-run production by a firm. The two primary time periods are short run and long run. Two secondary periods are very short run (market period) and very long run. Time periods are specified based on the number of inputs that are fixed or variable.

     See also | short run, microeconomics | long run, microeconomics | very short run, microeconomics | very long run, microeconomics | production inputs | fixed input | variable input | production | production cost | variables | labor | capital | law of supply | economic analysis | marginal analysis | factors of production | microeconomics | market | price | quantity supplied | short-run production analysis | long-run production analysis | production function | product | total product | marginal product | average product | law of diminishing marginal returns | marginal returns | production stages | division of labor | production possibilities |


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PRODUCTION TIME PERIODS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 16, 2018].


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SECOND ESTATE

Another term for the business sector. This is one of four divisions of society based on economic function. The other three are government as the first estate, consumers as the third estate, and journalists as the fourth estate.

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Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for jovial bank tellers.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"If things are not going well with you, begin your effort at correcting the situation by carefully examining the service you are rendering, and especially the spirit in which you are rendering it."

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