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GROSS NATIONAL PRODUCT: The total market value of all goods and services produced by the citizens of an economy during a given period of time, usually one year. Gross national product, often abbreviated simply as GNP, was once the federal government's official measure of how much output our economy produces. In the early 1990s, however, it was replaced by gross domestic product (GDP).
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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production
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Page: 3 of 25
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Topic:
Final Goods and Services
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A second phrase to highlight is 'final goods and services'.- Production generally involves several intermediate steps which involves market exchanges of intermediate goods. GDP measures only the market value of final goods.
- The cost of intermediate goods is already included in the price and thus the market value of finished product when sold to final users.
- To avoid double counting, GDP does not separately include the market value of any intermediate goods.
Final goods are those reaching their final user and include: household consumption, business investment in capital, government purchases, and exports.
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EXCHANGE The process of trading one valuable commodity (good, service, or resource) for another. An exchange can be voluntary, such as what transpires through a market, or involuntary, such as when taxes are imposed by government.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
Your Complete Scope
This isn't me! What am I?
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In the early 1900s around 300 automobile companies operated in the United States.
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"We should never allow ourselves to be bullied by an either-or. There is often the possibility of something better than either of those two alternatives. " -- Mary Parker Follett, management coach
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LME
London Metal Exchange
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