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ACCUMULATION: The process of acquiring an item and adding that item to others previously acquired. In an economic context this most often refers to the accumulation of capital, as in the phrase "capital accumulation." However, it is also used in the context of consumer durable goods, financial assets, money, wealth, and a host of other "stock" variables. When applied to capital, the process of accumulation occurs through investment.

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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production Page: 4 of 25

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The third GDP highlight phrase is 'a given period of time'.

GDP is production that takes place during a specific period, usually one year.

  • GDP is a flow. Current production takes place during the specific period of time under study.
  • Flows are measured over a period of time. GDP is measured from January 1st to December 31st.
  • Stocks are measured at a point in time. The quantity of money is measured at an instant in time, like July 26th at 8:15.
  • In addition to GDP, other production and income measures in this lesson are flows.
  • In addition to money, employment, business inventories, and labor force are stocks.

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FACTOR DEMAND ELASTICITY

The elasticity of a factor demand curve is affected by four items: (1) the price elasticity of demand for the good produced, (2) the production function technology and elasticity of marginal physical product, (3) the ease of factor substitutability, and (4) the share of the factor's cost relative to total cost. Changes in any of these four items cause the price elasticity of factor demand to change. In other words, the quantity of factor services demanded becomes more or less sensitive to changes in the factor price.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for crowded shopping malls.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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