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REAL GROSS DOMESTIC PRODUCT: The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that real gross domestic product is measured in constant prices, the prices for a specific base year. Real gross domestic product, also termed constant gross domestic product, adjusts gross domestic product for inflation. You might want to compare real gross domestic product with the related term nominal gross domestic product.
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Lesson 17: Money | Unit 2: More About Money
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Page: 6 of 25
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Topic:
Measure of Value
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Money functions as the measuring unit for prices, it is the unit of account or measure of value.- Markets prices are expressed in terms of the medium of exchange.
Reason: - Sellers are willing to trade for, and buyers are willing to give up, THE medium of exchange: Money.
Therefore: - Money is used for exchanges.
- Using money as the unit for prices gives a measure for value, that is, how much value we place on a good.
- The measure of value helps macroeconomist calculate gross domestic product.
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BARRIERS TO ENTRY Institutional, government, technological, or economic restrictions on the entry of participants into a market or industry. The four primary barriers to entry are: (1) resource ownership, (2) patents and copyrights, (3) government restrictions, and (2) start-up cost. Barriers to entry are a key reason for market control and the inefficiency that results. In particular, monopoly, oligopoly, monopsony, and oligopsony often owe their market control to assorted barriers to entry. By way of contrast, perfect competition, monopolistic competition, and monopsonistic competition have few if any barriers to entry and thus little or no market control.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for celebrities who speak directly to you through your television.
Your Complete Scope
This isn't me! What am I?
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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JET
Journal of Economic Theory
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