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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).
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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production
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Page: 5 of 25
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In this unit, you should have learned something about:- How numerical measurements are used to indicate the health and well-being of the economy.
- Gross Domestic Product (GDP), which is the total market value of all final goods and services produced in the economy in a given period of time.
- That GDP seeks to measure ALL production of goods and services in the economy at its total market value.
- That GDP only measures the market value of final goods and services, because the cost of intermediate goods is included in the price of the finished product.
- That GDP measures the flow of current production that takes place during a specific period, usually one year.
- The difference flows, which are measures that take place over a period of time, and stocks, which are measures that exist at a point in time.
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AVERAGE FACTOR COST CURVE A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for strangers with large satchels of used undergarments.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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CRSP
Center for Research in Security Prices
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