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VERTICAL AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the 'Y-axis' that runs up and down.
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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP
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Page: 10 of 25
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Chunk D also is economic production that DOES involve market transactions. Lack of information about market transactions prevent these activities from being included in GDP- Chunk D includes illegal activities, such as gambling, drug sales, and prostitution.
- Because they satisfy wants and needs they are economic production.
- Because they are illegal activities 'official market transaction records are not available.
Chunk D is excluded from GDP.
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FALLACY OF MASS APPEAL The logical fallacy of arguing that something is "correct" or "true" because a majority of the population thinks so. This is commonly used by both advertisers and politicians. Just because something is popular, does not mean it is "right." In fact, a cynic might argue that being popular probably makes it "wrong."
Complete Entry | Visit the WEB*pedia |
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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.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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GDP
Gross Domestic Product
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