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VALUE IN USE: The satisfaction of wants and needs provided by the direct consumption of goods and services. Acquiring value from the use of goods and services is really the ultimate goal of economic activity. It is the final step in the production, allocation, and consumption activities that undertaken to address the fundamental problem of scarcity. Value in use should be contrasted with the similar phrase, value in exchange.

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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP Page: 16 of 25

Topic: Resources <=PAGE BACK | PAGE NEXT=>

Calculating GDP from the resource side is based on the fact that ALL revenue received by the business sector is paid to or claimed by a factor of production.

Factor payments and the productive factors are:

    • Wages are paid to labor.
    • Interest is paid to capital.
    • Rent is paid to land.
    • Profit is paid to entrepreneurship.
  • Official government names are compensation to employees (wages) and corporate profit (profit).
  • Proprietors' income is a combination of wages, interest, rent and profit, collected by the owner of a proprietorship.

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INFLEXIBLE PRICES

The proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible prices (also termed rigid prices or sticky prices) are a key reason underlying the positive slope of the short-run aggregate supply curve. Prices tend to be the most inflexible in resource markets, especially labor markets, and the least inflexible in financial markets, with product markets falling between the two.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for broken fingernail clippers.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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