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GROSS DOMESTIC PRODUCT AND NET DOMESTIC PRODUCT: Gross domestic product (GDP) is the total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year. Net domestic product (NDP) is the total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. The key difference between these two production measures is the phrase "after adjusting for the depreciation of capital." This phrase is officially termed capital consumption adjustment.

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SUBSTITUTE-IN-PRODUCTION: One of two goods that can replace each other in production--that is, using resources to produce one good prevents their use in the other. A substitute good is one of two alternatives falling within the other prices determinant of supply. The other is complement-in-production. An increase in the price of one substitute-in-production causes a decrease in supply of the other.

     See also | supply | other prices | production | supply curve | supply determinants | supply shock | comparative statics | substitute-in-consumption | elasticity |


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MACROECONOMIC PROBLEMS

Undesirable situations that exist in the macroeconomy, largely because one or more of the macroeconomic goals are not satisfactorily attained. The primary problems are unemployment, inflation, and stagnant growth. Macroeconomic theories are designed to explain why these problems emerge and to recommend corrective policies.

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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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