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NNP: The abbreviation for net national product, which is the total market value of all final goods and services produced by citizens of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. Net national product has the same relation to net domestic product (NDP) as gross national product (GNP) has to gross domestic product (GDP). Net national product also has the same relation to gross national product that net domestic product has to gross domestic product. Like NDP, NNP is a measure of the net production in the economy.
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Lesson Contents
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Unit 1: An Overview |
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Unit 2: The Continuum |
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Unit 3: Measurement |
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Unit 4: Determinants |
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Unit 5: Other Measures | |
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Elasticity and Demand
Elasticity is the relative responsiveness of one variable to changes in another variable. Economists find this notion of elasticity quite useful in the study of markets. In this lesson, we examine the basics of demand elasticity, especially the price elasticity of demand. - The first unit of this lesson, An Overview, gets us started with a review of several concepts related to elasticity and demand.
- In the second unit, The Continuum, we take a close look at how the five elasticity alternatives are reflected by demand curves.
- The third unit, Measurement, runs through some numbers for measuring the price elasticity of demand, and how elasticity values related to a straightline demand curve.
- The fourth unit, Determinants, examines how the three determinants of elasticity affect the elasticity coefficient.
- The fifth unit and final unit, Other, closes this lesson by introducing examine three related elasticity measures.
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SELF CORRECTION, INFLATIONARY GAP The automatic process in which the aggregate market eliminates an inflationary gap created by a short-run equilibrium that is greater than full employment through increases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close a recessionary gap with lower wages (and other resource prices).
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for small children selling products door-to-door.
Your Complete Scope
This isn't me! What am I?
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"Sometimes our light goes out, but is blown into flame by another human being. Each of us owes deepest thanks to those who have rekindled this light. " -- Albert Schweitzer, missionary physician
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DDA
Demand Deposits Accounts
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