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WIDGET: A fictitious good commonly used by economic instructors to demonstrate economic principles or undertake hypothetical analyses. For example, the analysis of short-run production for a firm might be demonstrated through the production of widgets. Alternatively, the law of demand might be illustrated with a table or curve comparing the price of widgets with the quantity demanded of widgets. If such a good exists, and there is no clear evidence that widgets have every existed, it is a small mechanical device, constructed of interlocking cogs, several knobs, and at least one handle. Widgets are most often used when thingamajigs and dohickies are unavailable.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP 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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INDUCED NET EXPORTS

Net exports by the foreign sector that depend on income or production (especially national income and gross domestic product). That is, changes in income induce changes in net exports. Induced net exports reflect the induced relation between imports and income, which means net exports decline as income increases. They are measured by the negative of the marginal propensity to import (MPM) and are reflected by the negative slope of net exports line. The alternative to induced net exports is autonomous net exports, which do not depend on income.

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?

In the early 1900s around 300 automobile companies operated in the United States.
"Don't be distracted by criticism. Remember the only taste of success some people have is when they take a bite out of you."

-- Zig Ziglar

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