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ORDINAL UTILITY: A method of analyzing utility, or satisfaction derived from the consumption of goods and services, based on a relative ranking of the goods and services consumed. With ordinal utility, goods are only ranked only in terms of more or less preferred, there is no attempt to determine how much more one good is preferred to another. Ordinal utility is the underlying assumption used in the analysis of indifference curves and should be compared with cardinal utility, which (hypothetically) measures utility using a quantitative scale.

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Lesson Contents
Unit 1: Measuring Production
  • An Indicator
  • Total Market Value
  • Final Goods and Services
  • Given Year
  • Unit 1 Summary
  • Unit 2: Looking Behind GDP
  • Ins and Outs
  • Past and Future
  • Estimated Value
  • Home Production
  • Illegal Goods
  • GDP
  • Real GDP
  • Unit 2 Summary
  • Unit 3: Two Views of GDP
  • Demand and Supply
  • Expenditures
  • Resources
  • Unit 3 Summary
  • Unit 4: Measuring Income
  • National Income
  • Personal Income
  • IEBNR
  • IRBNE
  • Unit 4 Summary
  • Unit 5: Issues
  • What It Does
  • What It Doesn't Do
  • Unit 5 Summary
  • Course Home
    Gross Domestic Product

    This lesson investigates one of the most noted and important measures of macroeconomic activity -- gross domestic product (GDP). GDP measures the total production of goods and services that, in principle, are available to satisfy consumers wants and needs. We see the ins and outs of the GDP measure. As a bonus, we also get a close look at several related measures of production and income, including net domestic product (NDP), national income (NI), personal income (PI), and disposable income (PI).

    • In the first unit of this lesson, we take a look at the process of measuring gross domestic product, including what, in principle, is being measure.
    • The second unit the turns to a detailed look at what IS included in GDP and what IS NOT included in the GDP based on the difference between market transactions and economic production.
    • With the third unit we take a look at the two views of measuring GDP -- expenditures and resource costs.
    • Moving on to the fourth unit, we get a look at the three related measures of income -- national income, personal income, and disposable income.
    • And finally, the fifth unit considers a few issues related to measuring GDP, including what BDP does measure and what GDP doesn't measure.

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    MARGINAL ANALYSIS

    A basic technique used in economics that analyzes small, incremental changes in key variables. Marginal analysis is the primary analytical approached used in the study of markets, production, consumption, business cycles, and economic policies. It not only reflects how most economic decisions are made, it also lends itself to mathematical and graphical analysis.

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    APLS

    BEIGE MUNDORTLE
    [What's This?]

    Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
    Your Complete Scope

    This isn't me! What am I?

    Al Capone's business card said he was a used furniture dealer.
    "An idea is never given to you without you being given the power to make it reality."

    -- Richard Bach, Author

    NELS
    National Educational Longitudinal Survey
    A PEDestrian's Guide
    Xtra Credit
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