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JOINT PRODUCT: One of two goods that are produced jointly using the same resource--that is, the production of one good automatically triggers the production of the other. Also termed by-products or complements-in-production, a noted example is the production of two goods--beef and leather--from one resource--cattle. Another joint product example is lumber and sawdust--both produced from a single tree.

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PROPERTY RIGHTS: The legal ownership of resources, which entitles the owner to receive the benefits or pay the cost of the resources' productive activities. The notion of property rights came originally from the ownership of land (and the natural resources of the land), but it's equally important for labor and capital resources. In other words, your labor ownership gives you the right to be paid a wage for your work.

     See also | resources | goods | services | ownership and control | private property | labor | capital | land | entrepreneurship | good types | market failures | common-property good | near-public good | private good | public good |


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NOMINAL 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 nominal gross domestic product is measured in current, or actual prices, the prices that buyers actually pay for goods and services purchased. Nominal gross domestic product is also termed current gross domestic product. A contrasting measure is real gross domestic product, which adjusts for inflation by measuring production at constant prices.

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