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BAR CHART: A graph containing a set of vertical or horizontal "bars" that are used to present data for discrete categories. A bar chart provides a useful way to compare information about different groups or categories.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 9 of 25

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Chunk C also is economic production that does NOT involve market transactions.

It includes household productive activities, such as cooking, cleaning, home repairs, and entertainment.

  • Hiring others for these tasks would be market transactions included in GDP.
  • If tasks are done personally, without pay, there is no market transaction and no record of production.
  • While information needed to estimate the value of household production could be collected, it might be more trouble than it's worth.

Chunk C is excluded from GDP.


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TAX MULTIPLIER

A measure of the change in aggregate production caused by changes in government taxes. The tax multiplier is the negative marginal propensity to consume times one minus the slope of the aggregate expenditures line. The simple tax multiplier includes ONLY induced consumption. More complex tax multipliers include other induced components. Two related multipliers are the expenditures multiplier, which measures the change in aggregate production caused by changes in an autonomous aggregate expenditure, and the balanced-budget multiplier which measures the change in aggregate production from equal changes in both taxes and government purchases.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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