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X-M: The abbreviation for net exports, which is the difference between exports, goods and services produced by the domestic economy and purchased by the foreign sector, and imports, goods and services produced by the foreign sector and purchased by the domestic economy. While exports and imports important unto themselves, when combined into a single measure net exports captures the overall interaction between the foreign sector and the domestic economy. Arithmetically speaking, if exports exceed imports, then net exports are positive, and if imports exceed exports, the net exports are negative.
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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP
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Page: 8 of 25
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Slice B includes economic production that does NOT involve market transactions.- The market value of nonmarket economic production for some goods can be estimated and included in GDP.
- In-kind payments: This is nonmarketed production obtained by business owners or employees in lieu of money payment. Although no market transaction, GDP includes the estimated value of these transactions.
- Owner-occupied housing: The value of owner-occupied housing services are not measured by market transaction. GDP includes the estimate the value of these services.
At least part of slice B is included in GDP.
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KEYNESIAN ECONOMICS A theory of macroeconomics developed by John Maynard Keynes based on the proposition that aggregate demand is the primary source of business-cycle instability and the most important cause of recessions. Keynesian economics points to discretionary government policies, especially fiscal policy, as the primary means of stabilizing business cycles and tends to be favored by those on the liberal end of the political spectrum. The basic principles of Keynesian economics were developed by Keynes in his book, The General Theory of Employment, Interest and Money, published in 1936. This work launched the modern study of macroeconomics and served as a guide for both macroeconomic theory and macroeconomic policies for four decades. Although it fell out of favor in the 1980s, Keynesian principles remain important to modern macroeconomic theories, especially aggregate market (AS-AD) analysis.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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JPUBE
Journal of Public Economics
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