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PERCEPTION: How a person interprets the sensual inputs received through seeing, hearing, smelling, tasting, and touching. This process requires the individual to select, organize, and decode the various stimuli surrounding him/her in the environment. The important thing is not what is said by the talker, but what is heard by the listener. This process is critical to understanding consumer buying behavior.
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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP
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Page: 6 of 25
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Measuring GDP in the U.S. economy uses data involving $8 trillion of production, 270 million consumers, hundreds of thousands of businesses, and a huge number of market transactions.- The circle on the left represents all current economic production in the economy. This is what GDP seeks to measure.
- But GDP can not measure this directly. Information for measuring GDP comes from market transactions.
- The circle on the right represents all market transactions.
- Much of the economic production circle overlaps the market transaction circle. But each circle has a slice not contained in the other.
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POLITICAL BUSINESS CYCLES The notion that business cycles are caused by elected government leaders who manipulate the economy to achieve personal political goals, that is, to be re-elected and remain in office. The leaders stimulate the economy leading up to an election, creating a business-cycle expansion that ensures (they hope) re-election, they then induce a business-cycle contraction after the election to correct problems created by the pre-election stimulation. This explanation suggests that government is the source of business cycles are should not be allowed to implement discretionary stabilization policies.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for telephone calls from former employers.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Act well at the moment, and you have performed a good action for all eternity." -- Johann Kaspar Lavater
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NABB
National Association of Business Brokers
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