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ACCELERATOR: The ratio between investment expenditures and the change in gross domestic product. This is based on the notion that business investment depends on the rate of growth of aggregate output. If the economy is expanding, in other words, then the business sector invests in more capital goods to produce the extra output needed. This accelerator effect modifies and magnifies the simply multiplier effect based on the induced consumption and the marginal propensity to consume.
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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP
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Page: 11 of 25
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Economic production that involves market transactions is the foundation of GDP. This is area E. It is combined with area B to measure GDP. A summary of measuring GDP: - Start with all market transactions of record.
- Toss out past and future production in Slice A.
- Add the estimated value of nonmarket 'in-kind' production in Slice B.
- Don't include the value of nonmarket production in chunk C and the value of illegal production in chunk D.
- Combine areas B and E for the final tabulation of GDP.
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DEMAND The willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period. Demand is an inverse relation between price (demand price) and quantity (quantity demanded). Demand is one half of the market exchange process--the other is supply. This demand side of the market draws inspiration from the unlimited wants and needs dimension of the scarcity problem.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet hoping to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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ALAC
Latin American Free Trade Area
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